Drop in Gas Prices Will Reverse by the Fall

According to a former executive at Shell Oil, we should expect to see gas prices go back up by the fall of this year. The reason? American oil producers are idling their oil rigs in this time of overabundant supply: In an interview with CNBC, former Shell Oil President John Hofmeister predicts that U.S. oil could skyrocket from the current levels under $48 a barrel to $80 by this fall, just as consumers are getting used to the windfall from lower gas prices. That would force gas prices to double, Read more […]