Tom Kloza, who serves as the chief oil analyst with Oil Price Information Service, believes that Hofmeister's predictions will come true, just not in the time-frame that the former Shell head honcho has predicted. Instead, Kloza says that he expects $5.00/gallon fuel to show up within the next decade. If so, we can probably expect to see a repeat of the financial shock that occurred when fuel prices shot up in mid-2008. The predictions are enough to make us a little queasy, so you have to really feel for our friends in Blighty – the UK recently saw gas prices spike to $7.30 a gallon. What will their prices be in 2012?
[Source: CNN Money | Image: Kari_Marie via cc 2.0]