$5 A Gallon Gas Forecast By 2112 Has Ex-Shell Exec Making Headlines

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by Mark Memmott NPR

Predicting that gasoline will hit $5 a gallon by some time in 2012 has put former Shell Oil president John Hofmeister on the news media's radar today.
Why's he think the price will go there?
"The issues that gave rise to high priced gasoline in 2007 and 2008 are repeating themselves, except the world demands even more oil in the next several years than before," Hofmeister tells CNN (he's due on tonight's edition of Parker Spitzer). "Asian growth is continuing. ... U.S. economic recovery has brought demand back to where it was before. Economic growth means even more demand. But the U.S. Government is prohibiting expansion of U.S. domestic crude oil production which puts upward pressure on global crude oil prices."
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