$5 a Gallon Gas – Coming This Summer

According to former Shell Oil president John Hofmeister we’ll almost certainly see $5 a gallon gasoline in the US by the summer, driven by increased demand in Asia and US demand for gas returning to pre-2008 levels. “There’s a psychology of oil pricing based on fear — fear of shortage, fear of lack of supply,” Hofmeister told NPR’s Jacki Lyden, if Hofmeister is right and we do see gasoline go back to $4-$5 per gallon it’s widely expected that electric and hybrid car sales will increase sharply.

We’ve seen a very strong correlation between hybrid sales and gas prices in the past and this is expected to continue as gas prices continue their slow climb.

The solution? If you’re thinking about buying a hybrid or electric car it might be worth getting in before the summer rush, you’ll get a better price at the dealership and you’ll be ready to smile at Hummer drivers as the gas prices creep upwards.

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Via Hell for Leather + NPR

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