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Former Shell CEO: Get Ready for $5 Gasoline

Gasoline prices are headed for $5 a gallon in many locations in the United States this year, says John Hofmeister, founder of Citizens for Affordable Energy and the former CEO of Shell Oil’s U.S. operations.

Global demand will rise and pressure supply, while U.S. politicians aren’t doing anything to ease prices at home such as allowing for significantly more drilling.

“What’s really unprecedented is developing countries, particularly China and India, have this insatiable need for more oil and that has not been taken into account when we think of public policy in this country,” Hofmeister tells CNBC.

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