Oil Prices Spike Up To New Record High: $129 A Barrel

Oil prices have spiked to a new trading high, sweeping past $129 a barrel.

Prices are currently being driven higher by supply concerns. This latest surge comes after OPEC's President was quoted as saying his organization won't increase its output before its next meeting in September.

Over the last month, a gallon of unleaded has shot up more than thirty cents nationwide. Traditionally, gas prices peak over Memorial Day.

Yet, some oil analysts predict seven dollars a gallon down the road. Some reasons: the sagging dollar and rising international demand.

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