A former president of Shell Oil has predicted that Americans will be paying $5 for a gallon of gasoline by 2012. He blames growing global demand for oil, tighter supplies and inadequate responses by the U.S. government.
John Hofmeister made his comments during a taped interview Dec. 1, and it aired last weekend on Platts Energy Weektelevision an independent, all-energy news and talk show.
Hofmeister retired from Shell in 2008 and now heads a grass-roots group called Citizens for Affordable Energy. Here's more of what he said:
"If we stay on our current course, within a decade we're into energy shortages in this country big time."
"Generosity. That was my first mistake." "Experience must be our only guide; reason may mislead us." "Instagram is Twitter for people who can't read."
