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$5 Per Gallon Gas on the Way?

If you thought the skyrocketing gas prices during the summer of 2008 were bad, check out what the experts say we have in store for us -- $5 per gallon gasoline.

The former president of Shell Oil made the dire prediction in an interview with Platt's Energy Week television.

"I'm predicting actually the worst outcome over the next two years which takes us to 2012 with higher gasoline prices," John Hofmeister said, throwing in the $5 figure.

Tom Kloza, chief oil analyst with Oil Price Information Service, agrees gas will climb to that price level, but not as soon as Hofmeister thinks.

"That wolf is out there and it's going to be at the door...I agree with him that we'll see those numbers at some point this decade but not yet." Kloza said. "The demand is still sluggish enough in some of the mature economies."

Gas prices have been steadily rising. Last week, the average price of gas in the U.S. crossed the $3 mark for the first time since October 2008. According to AAA figures, prices are up 4% from a month ago and 16% from the $2.585 average a year ago.


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