Prediction: Gas Prices To Hit $5 Per Gallon In 2012
I’m one of those guys who likes to complain about high gas prices.
Every time I pull up to a pump with prices over $3 per gallon for 87 octane, I whine and grumble to anyone lucky enough to be in the car with me. I do take some solace, though, in the fact that my car usually takes only 8-9 gallons to move the needle from “E” to “F.”
Sub $30-fill ups I can handle.
It’s certainly hard to think of that price as a bargain, but according to the former president of Shell Oil, that’s exactly what it is. At least, it’s a bargain compared to what’s in store…
According to CNN Money, ex-Shell CEO John Hofmeister said that he fully expects gas prices to be above $5 per gallon by the end of 2012. While it certainly sounds like The Hofmeister is a firm member of the “half empty glass” club, he’s not alone in his dire predictions.
Tom Kloza, who serves as the chief oil analyst with Oil Price Information Service, believes that Hofmeister’s predictions will come true, but within the next decade rather than the next year or two.
Either way, it sounds like we’re screwed. Remember the shock in 2008 of $4 gas? We may even look back on that fondly and hope for a return to the good ol’ days. I think there are three things we should do in preparation of the coming “gasapocalypse”:
- Be thankful we don’t live in the UK, where prices are already over $7.30 per gallon.
- Start searching the used car market for deals on inexpensive fuel sippers before the prices of used Civics, Corollas and Jetta TDIs skyrocket. Of course, our DealFinder is a great place to search!
- Buy the “jgoods Car of the Year” and put your money towards car payments instead of fuel bills.
Will you change your driving habits if gas prices top $5 per gallon?