The rising oil prices could hurt the world economic recovery, according to the International Energy Agency.

Faith Birol, the agency's chief economist told the Financial Times that sooner or later, oil will simply cost too much and hurt the world's biggest economies.

"Oil prices are entering a dangerous zone for the global economy," Birol said.

"The oil import bills are becoming a threat to the economic recovery," he added. "This is a wake-up call to the oil consuming countries and to the oil producers."

Birol also said the major oil producing countries should produce more oil and help bring the price down.

Oil has risen as high as $95 dollars in Britain.

Gasoline prices are already over $3 for a gallon of regular unleaded in several areas of the U.S. Many analysts expect gas prices to go to $4 or even $5 in the next few years. The high gas prices could lead to many Americans cutting back on their spending, which would hurt the economy.