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$5 gas this year?

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This will certainly be a blow to the recovering US economy. At the same time, this should highlight the absolutely ridiculous handling of Big Auto by Washington for years. The country is flooded with gas guzzlers and it's that way because Washington helped create that problem. 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.
Note from John: Drove by a gas station in DC next to the Watergate that's known for its usury pump prices. $4.99.

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