Oil Peaks Again, With Predictions of $200 per Barrel

Image from MotorTrend

Do you remember when oil hitting $50 per barrel seemed outrageous? It might be because it was in the twenties when George W. Bush took office. While that seems like forever to us now, it really wasn't that long ago. With that startling difference, it really is amazing that the price of gasoline is only about to hit $4 per gallon. But then, the price for gas was only about $1.35 when The Decider moved into the White House. Remember that?

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Oil nears $123 on $200 oil prediction, supply concerns

Oil futures blasted to a new record near $123 a barrel Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages. Retail gas prices edged lower, but appear poised to rise to new records of their own in coming weeks. . .

Read more at: Yahoo! News