$5 Gas In 2012? Former Oil Executive Says Yes 12-28-2010 - WNEM TV 5

$5 Gas In 2012? Former Oil Executive Says Yes 12-28-2010

The former president of Shell Oil says motorists may be paying more than $5 for a gallon of gas by 2012.
In an interview with Platt's Energy Week television, John Hofmeister predicted gasoline prices will spike as the global demand for oil increases.
Other oil analyst say Americans will see gasoline prices hit the $5 a gallon mark in the next decade, but not by 2012.
The average price for regular unleaded gasoline for consumers topped $3 per gallon during the holiday season.
Average retail gasoline prices in Michigan have risen 6.5 cents per gallon in the past week, averaging $3.13 Monday. This compares with the national average that has increased 4.3 cents per gallon in the last week to $3.03.
Including the change in gas prices in Michigan during the past week, prices Monday were 52.4 cents per gallon higher than the same day one year ago and are 32.7 cents per gallon higher than a month ago.
The national average has increased 17.7 cents per gallon during the last month and stands 42.9 cents per gallon higher than one year ago
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