Oil prices could rise to $5/gallon

Oil prices could rise to $5/gallon The former president of Shell Oil Company is about to teach a course at ASU, and he has some dire predictions about oil prices and U.S. oil supplies...

Oil prices may rise to $5/gallon A former Shell Oil company president is about to teach a class at ASU, and he has some dire predictions about oil prices and U.S. oil supplies. "The current gasoline price is not the highest yet. At some point from this year to next year, the price will reach $5/gallon." John Hofmeister said. He said demand for oil from developing countries such as China and India would lead to a shortage of U.S. oil. "If we don't develop drilling quickly, there will be a serious oil shortage within four years." Since leaving Shell Oil, Hofmeister has become an advocate for increasing domestic oil development. He testified six times before the congressional petroleum committee, claiming that politicians had blocked oil exploration claims. This week, Republicans announced a push for legislation that would allow more oil drilling companies to obtain licenses. Meanwhile, Democrats are also pushing legislation to cut tax breaks for oil companies.