Oil Prices Jumped Past $75 a Barrel Friday

Crude-oil prices broke through $75 a barrel to hit a new record Friday, rising to a record price on fears of political instability in the Middle East, Africa and Latin America.

Some economists said $100-a-barrel oil is possible, as demand remains strong and the world has almost no excess production capacity.

Iran, Nigeria and Venezuela are major petroleum producers, and interruption of exports from any one of those countries would send oil prices soaring.

The benchmark price of petroleum closed the week at $75.17, up $1.48

Traders also worry that U.S. gasoline supplies may not meet summer demand after seven straight weeks of drops in domestic gasoline stocks, which are now at their lowest level since November.