Oil Keeps Rising - Hits $97 Per Barrel

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If you didn’t know better, you’d begin to think there really was an impending oil crisis that is forcing prices sky high. Demand is rising for gas, and so is the price, as crude oil reaches $97 per barrel.

At the pump, meanwhile, gas prices continued to rise, following oil’s 39 percent price rally since August. The national average price of a gallon of gas jumped 2 cents overnight to $3.024 a gallon, according to AAA and the Oil Price Information Service.

Separately, the federal Energy Information Administration reported that diesel fuel prices reached a national average of $3.303 a gallon, a new record.

If oil prices continue to rise, it might be some time until consumers see relief at the pump. Some analysts predict prices could rise as high as $3.50 to $4 a gallon next summer.

We know the consumer is already reeling from the big blow to credit, so skyrocketing fuel prices in time for the holidays will probably not help the Christmas season this year. Everyone is waiting on consumer spending to bail out the economy, but can it happen with high oil costs?

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