For the record regular gasoline throughout the nation now averages above $3.00 a gallon. In Los Angeles the price is ranging from $3.20 to $3.25 a gallon.
John Hofmeister, former president of Shell Oil, is a recurring contributor on CNN. He offered his expert opinion during the BP Gulf Oil Spill incident. He says in this Youtube copy of an appearance on Parker-Spitzer that the cost of gasoline could reach $5 a gallon by 2012. (December 30, 2010: part of this clip appeared on ABC World News this evening). The cause will be world-wide demand that will exceed supply by 5 million barrels per day. Furthermore the United States now drills about 3 million barrels daily less than were drilled in 1970 due to prohibitions on drilling off the coast of California and Florida. Mr. Hofmeister is a proponent of clean coal technology.
After you watch this video you will have another reason to wonder if Barack Obama will be elected in 2012. Maybe the real question should be: Can America’s system of government survive in the 21st century?
Coast Contact 