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Get Ready For $5 Gas This Year

Via CNBC: Get ready to pay $5 a gallon for gasoline this year. John Hofmeister, founder of Citizens for Affordable Energy and the former CEO of Shell Oil’s U.S. operations, warned that there is a “better than 50 percent chance” the price of gas will spike on continued heavy demand in emerging markets and weak public policy at home. He also sees West Texas crude prices touching “the midteens to $120 a barrel some time this year.” “What’s really unprecedented

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