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Oil Now Well Over $100/Barrel

While oil prices had previously receded to back below $90, oil prices have surged lately. Oil is now well over $100; current trading is around $105. Part of the reason for the increase in oil prices is the continued decline of the dollar. Since the dollar is less valuable, global commodities become more expensive to buy. Also, many investors appear to be buying oil as an investment itself. This is driving up the overall demand for oil.

Some believe oil might come down in price. For example, legendary oilman T. Boone Pickens believes oil will go back down to $85 soon because of the US recession. However, he sees oil going back to over $100 by the end of the year.

Whatever the reason may be, it seems we may be looking at pricier oil and pricier gas. More than ever, it just goes to show the benefits of getting good gas mileage on your car.

Crude Oil Prices Going Higher And Higher

The price of oil keeps going higher and higher. Oil has reached almost $100 a barrel. We all know what that likely means for gas prices.
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