Former Shell Oil Chief Predicts Much Higher Oil Prices

The former President of Shell Oil in the United States, John Hofmeister, has predicted significantly higher oil prices in the coming 2 years in a recent interview. Here's the video clip of that interview:

While he talks mainly about the US, there is some relevance for us here in Singapore because we are so dependent on imported oil. Given our growing dependence on tourism to support our over-crowded retail and hospitality sectors, it is not hard to see that higher oil prices will have a serious negative impact on the economy.