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UPDATE: Former Shell Oil president: Americans could pay $5 a gallon for gas by 2012

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POSTED: Tuesday, December 28, 2010 - 11:59am

UPDATED: Thursday, December 30, 2010 - 12:06am

In a month which typically has the lowest gas prices of the year, the numbers just keep getting higher. Gas prices hit an average of more than three dollars a gallon across the country today.  Some oil experts say those prices are going to keep climbing.

The former president of Shell Oil says Americans could be paying more than $5 a gallon for gas by 2012.  He says as the global demand for oil goes up, gas prices will, too. Other oil experts say prices may get that high, but not in a year.


Economists say that for every ten cents that gas prices go up, it's a $7 million chunk out of our economy.


Charles Langley with UCAN says, "We run on an oil-based economy, so when barrels of oil start to run over $90, it has very long-term effects on the U.S. economy and the global economy."


Reports show gas prices are up four percent from last month and 16-percent from last year.  The average gas price in Texas is $2.85 for unleaded oil, which is five cents more per gallon than just a week ago.  However, it's still below the national average.

if you want to see a list of gas prices across the country, go here: http://www.texasgasprices.com/Prices_Nationally.aspx

Comments News Comments

Let it go up. When we can't pay for it, then what? Minimum wage will go up. The economy will rebound. Gas will go down. The economy will collapse. Jesus will return. Poof! No more problems.

Yea, we could see this coming so we built a couple of apps that help people better budget for rising gas prices. One is www.cost2drive.com which calculates the cost of driving anywhere in the US based on current gas prices. It also locates the cheapest gas at refueling points on your trip.

The other is a Facebook app that calculates how much money you'd save driving an electric car to work. You can find that on Facebook by visiting http://apps.facebook.com/costtodrive

Oil is becoming harder and harder to come by. We all knew it was going to go up eventually. It's no longer JUST America who needs it--China is half the population of the planet, ya'know, and they're buying cars.

Suck it up and sell your truck.

you must be an oil-field company's ceo's wife or just not out of the sand with your head.why should anyone sell off everything they own to support millionaire idiots and the government.besides,with the current presidential status,china basicly owns us anyway and will for sure if the current moron gets re-elected again!!!

What about all the oil we just heard about that they don't know what to do with? Here we are we are what you do with it! It's not a big deal to the president of the companies because they have plenty of money to spend. What about those of us who work 40 hrs a week for minimum wage? What about those of us who go to sleep wondering where we're gonna get the gas to take our kids to school all week? So before you hold all the oil hostage lower urself to our level & see how it feels to struggle!!!

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