John Hofmeister, the former CEO of Shell Oil’s U.S. operations, is warning that there is a “better than 50 percent chance” the price of gas will spike on continued heavy demand in emerging markets.
He also sees West Texas crude prices touching “the midteens to $120 a barrel some time this year.” West Texas currently trades just under $100 per barrel.
Price inflation is about to accelerate because of Ben Bernanke money printing and oil will lead the way.
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Predictions my ass.this is the gas companies way of telling you they intend to jack prices up so save your money now.
ReplyDeleteI assume there will be corresponding increases in pay rates and production to help the American worker pay for all these increases in food, gas, power, etc. But, then again, maybe not. I guess some people's commutes are going to become extremely serene, with all these people staying home, hungry and without electricity. Maybe a war with Iran will boost our economy (and the death and injured rates for the poor and middle class--- you KNOW the children of these CEO's ain't letting THEIR kids die for no politicians dreams of empire).
ReplyDeleteThe administration will figure out a way to bring gas prices down right before the election.
ReplyDeleteNothing would do more to cripple the economy. To think gas was $1.79 when Obama took office. Ban on offshore drilling, not opening the Alaska frontier, and no pipeline are just some of the ways this President has helped jack up prices.
ReplyDeleteMaybe a war with Iran will boost our economy
ReplyDelete11:13 AM
The wars in Iraq and Aftgooniestan hasn't done much for the economy. Or at least OUR economy.
The ones selling war materials have certainly gone up. While our youth are being killed and their heads messed up before they are shipped home. (those that survive)
And the ones coming home with ptsd aren't much good to themselves or anyone else.
Even scarier is that some of these become cops when they return. And very little mental health treatment is afforded them.