03/28/2008 02:45 am ET | Updated May 25, 2011

How $100 Oil Directly Affects You

The rising price of oil is starting to bite - at the pump, the airline ticket counter and possibly in your home.

Oil hit $100 a barrel Wednesday and gasoline prices could soon top their all-time record from last May of $3.22 a gallon.

"There's no doubt, gasoline prices are rocketing higher," said Stephen Schork, publisher of the industry newsletter the Schork Report. "We could be paying more for gas than we were during the start of the summer driving season."

Gas prices now average $3.05 a gallon nationwide, according to AAA. Many states have had gas over $3 for some time.

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