US on verge of $5-a-gallon petrol

THE former president of Shell Oil, John Hofmeister, says Americans could be paying $5 for a gallon of petrol by 2012.

In an interview with Platt’s Energy Week television, Hofmeister predicted gasoline prices will spike as the global demand for oil increases.

“I’m predicting actually the worst outcome over the next two years which takes us to 2012 with higher gasoline prices,” he said.