Gas Could Hit 5 Dollars A Gallon Next Year

12.28.10 | Sarah Harnisch

The former president of Shell oil is predicting gas will hit 5 dollars a gallon in 2012. The highest it has ever been is 4 dollars 11 cents, and that was July 16th and 17th of 2008. John Hofmeister says Americans will be shelling out the extra cash as early as next year because of the global demand for oil.  Now not everyone is agreeing with Hoffmeister. Tom Kloza-- the chief oil analyst with Oil Price Information service-- says he agrees the wolf is out there-- and it's going to be at the door. He says we will see those numbers-- 5 dollars a gallon for gas-- but not till the end of the decade... and certainly-- not in 2012.
   Meanwhile-- ford motor has announced they are putting an on-off switch on all their new automatic engines. They say it'll save you fuel because the vehicle shuts off at stop lights momentarily. It can cut your gas cost as much as 4 percent in most cars, and up to 10 percent in crowded cities where there are lots of stoplights. They say it's a cheaper way to save on gas if you can't afford to buy a hybrid car.