Tweets are aflutter with something a former oil executive said over the weekend -- gas could reach $5 a gallon by 2012.I don't think it is the moratorium driving it solely - it is the peak oil situation as well as - of course - PROFITS!
In an interview with Platts Energy Weekly, John Hofmeister, ex-head honcho of Shell Oil, said that the moratorium on drilling in the Gulf of Mexico and global demand will lead to a surge in gas prices over the next two years.
Watch the video - he would love to drill offshore. He blames a moratorium on drilling "politics" - I call it sense.
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