The following is from the Nov. 14, 2007, edition of The Dallas Morning News. Bruce Bullock, director of SMU's Maguire Energy Institute, provided expert commentary for this story.
By ELIZABETH SOUDER
The Dallas Morning News
Driving over the river and through the woods to grandmother's house this holiday season is going to cost you.
Regular gasoline in Dallas cost an average $2.96 a gallon on Tuesday, according to AAA.
The national average was $3.11, 35 cents higher than last month.
With crude oil prices threatening recently to hit $100 a barrel, gasoline prices are racing to keep up.
Some analysts say gasoline may rise another dime or so in the next few weeks to match the rise in crude. . .
Bruce Bullock, director of the Maguire Energy Institute at Southern Methodist University, said people around the world are demanding more oil.
That's pushing the price up.
"We're seeing fairly strong worldwide economic growth that will cause demand to continue to grow," he said. . .
Mr. Bullock said the next few weeks are critical for oil prices. Several factors could push prices to an all-time high, or provide relief.
For example, if the Organization of Petroleum Exporting Countries chooses to boost supply, that could calm the markets.
Or if stock markets show signs of recovery, that could prompt traders to pull money out of oil and invest in stocks, he said.
# # #