Ex-Oil Exec Says Gas Will Hit $5 by 2012

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Gasoline could hit $5 a gallon in the U.S. within the next few years, according to former Shell Vice President John Hofmeister.

Hofmeister told Platt's Energy Week Television that oil prices will jump as global demand for crude increases and that could lead to record gas prices and energy shortages in the U.S. by the year 2012.

"The politically driven choices that are being made, which are non-choices, essentially frittering at the edges of renewable energy, stifling production in hydrocarbon energy -- that's a sure path for not enough energy for American consumers," Hofmeister told the news service.

Tom Kloza, chief oil analyst with Oil Price Information Service, told CNN Money that while gas prices may hit $5 at some point in this decade, it won't be as soon as 2012.

"The demand is still sluggish enough in some of the mature economies," Kloza explained.

Meanwhile, the price of oil went over $90 a barrel last week, and some analysts expect it to hit $100 in the near future.

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