$5 Gas In 2012, Ex Shell President Predicts

12/27/2010 05:21 pm ET | Updated May 25, 2011

NEW YORK ( -- The former president of Shell Oil, John Hofmeister, says Americans could be paying $5 for a gallon of gasoline by 2012.

In an interview with Platt's Energy Week television, Hofmeister predicted gasoline prices will spike as the global demand for oil increases.

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