Crude Oil Headed for $100 (Again!)

During a time of year when crude oil prices tend to be at their lowest, crude oil prices are rising instead. Traders on CNBC this morning said that crude oil is soon headed for $100/barrel -- again. This is disconcerting, considering that the highest crude oil prices usually don't hit the market until the summer months, when Americans tend to drive the most. It is also a troubling sign, given that lower demand due to slower growth hasn't caused the price of oil to drop significantly. This daily chart shows how the price of crude has surged in the past several days, and it shows no signs of letting up soon! If crude prices are at $100/barrel now, what price level should we expect in May-August? $120-$150? Gasoline prices could easily reach $4/gallon by then!