Former Shell CEO Plays Nostradamus (Again) with $5 Warnings

Another oil executive reminds us that $5 gas is right around (another) corner

Some people just don’t enjoy us having nice things.

Take John Hofmeister, pictured here on FOX Business News discussing gloomy forecasts for rising oil and gas prices. As you can see, he is the former president of Shell Oil. He knows a thing or two about the roller coaster of death we know as “gas prices” in America. In 2010, he predicted gas prices would spike as the global demand for oil would increase. In 2012, he returned with predictions of “better than a 50 percent chance” that barrels of oil would surpass $120 a barrel.

He wasn’t totally off-base. Remember $4 a gallon, anyone? It was like it was just last year. Now he’s baaaaaaaaaack.

In some areas of the country, gas prices are as low as $1.59 per gallon. (At least, that’s what I paid this morning.)

Many in this country could care less about crude oil prices plummeting as long as we can fill up a gas tank for less than it costs to buy a family-size dinner at a fast food joint. Hofmeister, however, insists on prairie-dogging from his cubicle and warning us not to get too comfortable:

Gas prices“The next round of high prices is likely to start later this year, as crude rebounds to the $80s and $90s, perhaps pushing to the $100 level by late in the year or early next,” Hofmeister told [Bill Loveless of USA Today]…

Most of us read that and hear the indecipherable sound of Charlie Brown’s mother talking. However, the translation is that $5 per gallon gas will arrive before we know it, scary exclamation points!!!!!!

Of course, there was a catch: Hofmeister was shilling for awareness of natural gas, because of course he just happens to be the head of an organization called Citizens for Affordable Energy. This appearance was a nice PR move because consumers don’t understand why prices skyrocket, they just point and blame.

Good for him, can’t we just enjoy a “good for us” moment while the prices are so low?