Oil came within inches of the $104 mark, pushing exchange traded funds (ETFs) that hold oil futures and companies to new heights.

If you were crying at the pump this morning, you weren’t alone. The rising price of oil is pushing up prices at gas stations, too: the average price of a gallon was $3.165 today, according to AAA.

Crude for April delivery hit $103.76, the level many analyst consider a true record high when adjusted for inflation, reports John Wilen for the Associated Press. The soaring price of oil continues to owe much to the falling dollar, because futures bought and sold in U.S. dollars are more attractive to foreign investors when it’s not worth as much. It hit a new low against the euro today, to $1.5275.

Gold, copper and wheat are experiencing a rally as of late, as well.

Where do we go from here? Opinions vary. Some analysts predict that prices will eventually head south again, to the $65-$70 range. Others see oil rising as high as $120.

If the latter prediction holds true, oil ETFs could flourish:

  • United States Oil (USO)
  • iShares Dow Jones US Energy (IYE)
  • Oil HOLDRs (OIH)
  • iShares Dow Jones US Oil & Gas Exploration Index (IEO)

For full disclosure, some of Tom Lydon’s clients own shares of IEO.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.