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Former Shell Oil President Predicts $5 a Gallon Gas in 2012
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| Parent(s) |
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| Contributor | Scott³ |
| Last Edited | Scott³ Dec 30, 2010 07:00am |
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| Category | Interview |
| Author | Clay Falls |
| News Date | Wednesday, December 29, 2010 12:00:00 PM UTC0:0 |
| Description | "Former Shell Oil President John Hofmeister believes record high prices will be a reality by 2012.
Imagine paying $70 to $100 each time you fill up your car?
Sound crazy?
Gas prices nationwide have crept up to more than $3 a gallon and now the former president of Shell Oil is predicting gasoline could reach $5 a gallon by 2012.
News 3 spoke with a local cab company owner Wednesday afternoon who said $5 a gallon gas would be devastating for not only cab companies and truck drivers but would likely create a cascade of higher prices for food and other goods, forcing Americans to pinch more pennies in an already tight economy.
"It's gonna affect everybody all over the country no matter what company you're in because you think about it, everything that we use requires a truck to get it there a boat to get it there whatever it is, I mean it's gonna, the cost of a banana is going to go up," said Tricia Admire who is a driver for Maroon Cab.
Tricia Admire has been a driver at Maroon Cab for one year and currently spends $15 to $20 per shift on gasoline.
"It is a big cost for our business. Fortunately we do have Priuses so it is a little more economical for us, it's not gonna affect us as it would other places, other cab companies," Admire said.
When gas prices soared in the summer of 2008 Maroon Cab President Jason Adams began buying Toyota Priuses to supplement his less fuel efficient fleet.
$5 a gallon gas is still cause for concern.
"Drivers who stop making money as drivers will stop leasing vehicles from us and that could put us in a different situation, as far as the bottom line is concerned but as long as we can maintain efficiency we'll be ok. At $5 a gallon I don't see how we could maintain the efficiency and how the drivers can go out and make money and how this would be worth their while to operate as a cab driver," Adams said." |
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