Gas prices keep going up, and now the CEO of Chevron says $100 a barrel oil is possible by this spring.
Industry analyst Phil Flynn, with PRICE Futures Group, calls it a bold prediction, but says anything is possible with global reserves being so low right now.
"In parts of the country we could see gasoline prices well exceed $5 a gallon," he says. "Already the country is reeling from these higher energy prices. Even though people are making more money, they're putting more money in their gas tanks."
A Russian invasion of Ukraine also could push oil prices higher.
"Whenever you have a major oil producer in a compromised situation, especially when supplies are as tight globally as they are right now, any disruption like this could cause a price spike that could really hurt the global economy," says Flynn.
Flynn says we didn't have these issues when U.S. oil was free flowing under the Trump administration.
"A few years ago when we had these geopolitical disruptions it didn't matter because the U.S. oil producer was creating an oil supply surplus," he says.
"Because of the pullback on the U.S. producer, the more regulations, the crackdown on fossil fuels and pipelines, that has changed."