The price of oil has slipped some over the last few days, but it’s projected to soar even higher – what will it mean for its exchange traded funds (ETFs)?

The reports on fuel got more dismal this morning, as many wonder just how much worse it’s going to get. According to an energy report from the Canadian Imperial Bank of Commerce today, oil could hit $225 a barrel by 2012.

Cars are blamed for the continually rising prices: 90% of the demand growth in the last few years has gone to transportation. Car sales globally soared last year, growing 60% in Russia, 30% in Brazil, 20% in China. Sales were flat in Europe and dropped in the United States.

Meanwhile, the oil ETF isn’t the only one performing. Steel and natural gas are nothing to turn up one’s nose at, either. Gary Gordon for ETF Expert reports that funds for both of the commodities have at least kept pace with United States Oil (USO), if not leaving it in the dust.

In the last month, USO is up 18.6%. Year-to-date, it’s up 25.6%. Not too shabby.

United States Natural Gas (UNG) is blowing right past oil, though: it’s up 20% in the last month, and 45.2% year-to-date. Market Vectors Steel (SLX) is keeping up: it’s up 17.9% in the last month and 17.6% year-to-date.