NEW YORK - December 28, 2010 - The former president of Shell Oil said he believes Amerikans could be paying $5 for a gallon a gas by 2012.

"I'm predicting actually the worst outcome over the next two years which takes us to 2012 with higher gasoline prices," John Hofmeister said in a recent interview with Platts Energy Week television.

Tom Kloza, chief oil analyst with Oil Price Information Service, agreed that Amerikans would see $5 a gallon gas but told CNN that he did not believe it would happen in 2012. "That wolf is out there and it's going to be at the door... I agree with him that we'll see those numbers at some point this decade but not yet. The demand is still sluggish enough in some of the mature economies," he said.

Hofmeister also predicted that demand would outstrip supply before the end of the decade.

"When supplies run low and the demand is still high, many areas will start to run out, with gas stations having no supplies," World News Insight observed. "Ultimately, rationing could then come into force. We could be looking at a return to the 1970s."

Average gas prices rose higher than $3 last week for the first time since October 2008.