We all know the price of oil is constantly on the rise. Gas prices are continually going up around the world, and our wallets are taking more and more of a beating. Unfortunately, the former president of Shell, John Hofmeister, is predicting that prices at the pump will hit $5 per gallon by 2012.
And his predictions have been confirmed by Tom Kloza, an analyst with Oil Price Information Service in the US, though Kloza added that it would happen in the next decade and not by 2012. “That wolf is out there, and it’s going to be at the door. I agree with him [Hofmeister] that we’ll see those numbers at some point in this decade, but not yet,” said Kloza.
In the US, gasoline prices have crossed the psychological barrier of $3 for the first time since October 2008, and prices are 76% higher in December 2010 compared to the same time two years ago, according to the American Automobile Association (AAA).
Gas is currently selling for $2.98 per gallon in Texas, while the Canadian average is $1.10 per litre. If we use simplistic calculations, it’s likely that the price of gas at Canadian pumps will hit the $1.90 / litre mark by 2012 or within the next decade, depending on who you listen to.
The price of oil has also passed the $90 / barrel mark for the first time since 2008, the year Canadian motorists fumed in disgust every time they had to fill up their cars.
Source: CNN Money
And his predictions have been confirmed by Tom Kloza, an analyst with Oil Price Information Service in the US, though Kloza added that it would happen in the next decade and not by 2012. “That wolf is out there, and it’s going to be at the door. I agree with him [Hofmeister] that we’ll see those numbers at some point in this decade, but not yet,” said Kloza.
In the US, gasoline prices have crossed the psychological barrier of $3 for the first time since October 2008, and prices are 76% higher in December 2010 compared to the same time two years ago, according to the American Automobile Association (AAA).
Gas is currently selling for $2.98 per gallon in Texas, while the Canadian average is $1.10 per litre. If we use simplistic calculations, it’s likely that the price of gas at Canadian pumps will hit the $1.90 / litre mark by 2012 or within the next decade, depending on who you listen to.
The price of oil has also passed the $90 / barrel mark for the first time since 2008, the year Canadian motorists fumed in disgust every time they had to fill up their cars.
Source: CNN Money