Oil Prices Go Up

By: Jeremy Hubbard, ABC News
By: Jeremy Hubbard, ABC News

The price of oil is on the move again and for consumers, it's headed in the wrong direction.

A barrel of oil costs $2 more today than it did yesterday, at a record $88.

And just since last week, the price of crude is up $9.

It's hard to imagine it now, but just four years ago, a barrel of oil was going for less than $30.

The recent run-up to record levels near $90 has many Americans wondering how it will affect them.

So far, the run-up in oil prices hasn't pushed retail gas prices higher. Instead, we're seeing prices remain near their late summer highs.

The average gallon of gas has dropped just three-cents since Labor Day. Last year, gas prices fell 50-cents.

One way people will likely feel the impact of high oil prices is in the cost to heat their homes. Heating oil and natural gas prices are both up.

And the government is predicting some bills will rise by 20-percent or more during the winter months. A barrel of oil could even reach the $100 mark, according to some experts.

While the recent skyrocketing crude prices are being blamed on high global demand, smaller available inventories and Middle East tension, analysts say it could drop pretty fast.

If the winter is warmer than predicted, oil prices might decrease to around $60 a barrel by next spring.

We'd like to help you keep track of gas prices so that you can find the best deal in the area.

Just click on our Gas Gauge

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