Brace yourself: Experts see $5 gas in near future
The former president of Shell Oil has some grim predictions for the price of gas in the near future, with prices expected to go far higher than where they are currently.
John Hofmeister says that growing global demand, especially from places like Brazil and China where more middle-class people want to drive cars, could send the cost of gas up to $5 per gallon by 2012.
"What we're looking for by the end of this decade, in my opinion, [are] black outs, brown outs with [an] unpredictable impact on the largest most dense population centers," Hofmeister says. Last week, the average price for regular gas nationwide crossed the $3 threshold for the first time in more than two years. News 12 Westchester Gas Gauge