Soaring oil prices drive gas prices higher

Wednesday, March 5th 2008, 6:57 pm
By: News 9


Gas prices are being pushed higher as crude oil prices continue to rise; they hit a record high of $104 a barrel Wednesday.

President Bush was in Vienna where he asked the Organization of Petroleum Exporting Countries to increase oil production in hopes of dropping prices. OPEC decided against producing more oil, saying the weakening dollar and rising inflation is the root of the problem. One oil man agrees that there's plenty of supply right now.

"If you took a dollar, equaling one euro, the price of crude oil would be $65, not $100," Richard Spiegel of SOS Fuel said.

If the oil prices continue to rise, gas prices could hit four dollars a gallon by Memorial Day.