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Oil Prices Go Up, Up, Up

Crude-oil prices reached a record high of more than $96 a barrel last week. What's driving up the cost? As problems in oil-producing countries like Iran and Venezuela have heated up, so have worries that the amount of oil for sale could decrease. The fear of dried-up supplies has increased the already-tight demand and raised prices.

Soaring oil prices could harm the economy. Crude oil is used to make the fuel that heats homes and powers most cars and factories. If people have to pay more for fuel, they might stop shopping for other items, such as clothing and appliances. Companies could also raise their prices to cover increased costs for shipping goods. "Growth could slow significantly," says David Jones, an economist.

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