Oil Prices Rising: Where Will It Stop?
BOSTON (CBS) - Oil prices have been rising quickly for weeks, and that means you're paying a lot more to fill up your car's tank and your home's oil tank. For the month, oil prices were up 5% and last week alone, gasoline prices jumped 17 cents a gallon.
Oil risk analyst Peter Beutel at Cameron-Hanover in Connecticut tells me the great concern is the political unrest spreading across the Middle East. Beutel says he sees prices rising to as much as $125 a barrel, but if political unrest spreads to Saudi Arabia, oil prices could double from that point.
In Beutel's words, "It's moving with the the speed of a contagious disease. Oil prices are moving with the speed of the measles. It difficult to compare this with other events because we have an entire region on fire."
WBZ NewsRadio 1030's Anthony Silva reports.
