The Price of Oil - How High Will it Go?

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WASHINGTON - Oil hit yet another record high today. And some industry analyst are warning that we could see gas at $7.00 a gallon within two years.

Oil Tops $140 a Barrel

How high will it go? That's what experts are trying to figure out, as oil is now above a record $141 per barrel.

The president of OPEC, Chakib Khelil, says he believes oil prices might go as high as $170 a barrel this summer. Goldman Sachs predicts that number could reach $200 per barrel.

Meanwhile, climbing oil prices are driving stocks down, with the Dow Jones down more than 12 percent so far this year - including 358 points on Thursday.

Economists say oil is climbing because there's just not enough of it to meet the world's growing demand.

That demand remains strong in emerging economies like China and India, despite rising prices.

"Supply globally is not growing and the world has never been thirstier," CIBC World Market's chief economist Jeff Rubin said.

Drivers Looking for the Exit Ramp

Drivers in the United States can see the writing on the wall: As many as 10 million Americans are expected to leave the roads within the next few years.

"Ten million Americans taking the exit lane off the highway: that will be the largest mass exodus off the roads during the entire post-war era," Rubin said.

For Americans, it may just give a new meaning to horsepower.

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CBN News
Erick Stakelbeck

Erick Stakelbeck

CBN News

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