Borrowed from Fox News - Thank You
The former president of Shell oil is predicting that the United States will face 1970s-style energy shortages and rationing by the end of the decade, accusing the federal government of turning its back on the country's domestic oil supply.
The dire prediction comes as energy analysts toss out a string of frightening predictions about the rising price of oil in the short term. Oil has topped $90 a barrel, and JP Morgan Chase & Co. earlier this month predicted oil could hit $120 a barrel by the end of 2012. At the same time, the national average gasoline price is about $3 a gallon for the holiday season
But former Shell executive John Hofmeister offered a more aggressive estimate, saying Americans could be paying $5 a gallon in two years. And he predicted that sometime between 2018 and 2020, supply and demand will become so out of balance that gas stations in several regions of the country will simply start to run out.
"I think it's going to be a cumulative problem that won't happen suddenly," Hofmeister, who now heads Citizens for Affordable Energy, told FoxNews.com. He predicted the problem would start with "stockouts" at select gas stations during the summer and during bad weather and then spread. He said those states farthest from refineries would get hit the worst and that in order to maintain some consistency, local and state governments might resort to the kind of rationing they employed in the early '70s -- when drivers with even-numbered license plates would buy gas on even days, and vice-versa.
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