Is Gasoline Going to $5 A Gallon This Summer?
The former CEO of Shell Oil USA says there is a “better than 50 percent chance” gasoline prices will hit $5 a gallon by sometime this summer.
John Hofmeister, founder of an advocacy group called Citizens for Affordable Energy,” says even though demand for gasoline is weak in the U.S., global demand for oil will keep driving the price of gasoline higher.
“What’s really unprecedented is developing countries, particularly China and India, have this insatiable need for more oil and that has not been taken into account when we think of public policy in this country,” Hofmeister said in an interview with CNBC.
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Drill baby drill? 