Oil insider sees $5 gasoline by 2012
Former Shell Oil President John Hofmeister envisions political gridlock, other factors inflating U.S. prices to record highs
For Petroleum News
Americans will pay $5 for a gallon of gasoline by 2012, thanks to growing global demand for oil, tighter supplies and inadequate responses by the U.S. government, the former president of Shell Oil told Platts Energy Week Dec. 26.
John Hofmeister also predicted little or no new drilling in the deepwa....
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Backlash potential in 2012
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