CNN

FROM CNN's Jack Cafferty:

Experts predict the price of oil could soon hit $250 a barrel. Already, a barrel of crude is trading at almost $73 dollars - which is up from the lows of $30 a barrel only four months ago.

Prices are going up for lots of reasons; the big one is a new report that shows the world's proven crude reserves have fallen for the first time in 10 years. Demand for oil has gone up for the first time in 10 months; and as the global recession begins to wane, demand for energy is only expected to increase. Plus, it's the start of the summer driving season.

And, since oil is traded in dollars - a further decline in the value of the U.S. currency could also push oil prices higher. If oil prices keep going up, it's possible that could erase the glimmers of economic recovery we're starting to see.

Some analysts say they wouldn't be surprised if oil hits $80 or $90 a barrel soon; while the chairman of the Russian energy group Gazprom is repeating last year's estimates of $250 dollars barrel.

Meanwhile, rising oil prices mean rising gasoline prices. The national average price for a gallon of regular unleaded gasoline is now $2.63, according to AAA. Gas prices have increased for 44 days in a row now, with the average price jumping almost 30 percent a gallon since the end of April.

Here’s my question to you: How will your life change if oil reaches $250 a barrel?

Interested to know which ones made it on air?

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FROM CNN's Jack Cafferty:

Go figure. Gas prices are actually down since President Bush took office eight years ago.

According to the Energy Information Administration, the average price per gallon last week was $1.59. When adjusted for inflation, that's 9% less than when President Bush took office and considerably less than the cost last summer which was more than $4 per gallon.

Gas prices are starting to creep up a few cents now. Oil prices have risen in response to the fighting in Gaza, and there are predictions that after declining for 5 months gasoline could cost $2 a gallon by spring.

Meanwhile, consumers are only too happy to spend less at the pump. People are now spending $25 a week on gas instead of $75. That translates to a savings of about one billion dollars a day for American motorists, according to AAA. They say high gas prices contributed to the recession, and lower prices could help turn things around by leaving people with more cash in their pockets to spend on something besides gas.

The downside is that lower gas prices take the emphasis off developing alternative energy sources and breaking our dependence on imported oil.

Here’s my question to you: Are lower gas prices an asset or a liability for the U.S.?

Interested to know which ones made it on air?

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How have plunging gas prices changed your habits?

FROM CNN's Jack Cafferty:

Oil prices continue to slide, closing below $55 a barrel today. That's a pretty far fall from the July record high of $147 a barrel. Iran is calling for OPEC to cut production by at least 1 million barrels a day to try to shore up prices. That's on top of the 1.5 million OPEC cut last month. But the head of the cartel says it's not going to happen...not this month anyway. They're still trying to figure out what impact the last cut had. OPEC, which produces about 40 percent of the crude oil in the world, had hoped the move in October would slow the fall in prices. It hasn't.

And that's made drivers here pretty happy.

Gasoline prices have fallen for the last 61 days in a row to a national average of about $2.09 a gallon. According to AAA, the last time the average price for a gallon of regular unleaded gasoline dropped below the current price was on March 31, 2005.

This is good news for cash-strapped Americans, but not-so-great news for the whole alternative-energy, let's-wean-ourselves-off-foreign-oil movement. But Americans will take what they can get, and for now filling up is like getting a tax cut.

Here’s my question to you: How have plunging gas prices changed your driving habits?

Interested to know which ones made it on air?

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At a gas station in Ohio, the price of a gallon of regular gas dropped to $1.89 yesterday.

FROM CNN's Jack Cafferty:

The majority of Americans want change, which explains the recent election results. But there is change and there is change.

When it comes to our cars, we have a hard time with the whole concept.

We like to drive and have a long history of having relatively cheap gasoline. But when gas prices hit all-time highs this summer–$4 a gallon and even higher—many Americans had to cut back.

A lot has changed since then.

Oil prices are hovering around 19-month lows and gas prices have dropped for 55 days straight. Forty-six states and District of Columbia now report gasoline selling below $2.50 a gallon. That's the good news. The bad news is there’s evidence we're getting back behind the wheel and returning to our old ways.

What to do? President-elect Obama wants to cut greenhouse gas emissions when he gets to the White House in January. One way to do that is to put a hefty tax on gasoline, big enough that it would force down consumption.

Here’s my question to you: Should the government impose a gas tax aimed at holding down consumption?

Interested to know which ones made it on air?

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(PHOTO CREDIT: GETTY IMAGES)

FROM CNN's Jack Cafferty:

The market is beginning to do what no politician can. As we head into the summer driving season, rising gasoline prices are cramping the style of many Americans.

With the average price holding steady above $4 a gallon, demand for gasoline fell 2.7% last week compared to the same week one year ago. A MasterCard report says it's also the ninth consecutive week of declines compared to 2007.

The New York Times reports rising energy costs are forcing many Americans to reconsider life in the suburbs, now that commuting as well as heating and cooling their homes is becoming more and more expensive.

In the 1950s, we began fleeing the hustle and bustle of the cities for the peace and tranquility of the suburbs. But energy costs threaten to reverse this 50-year pattern. Analysts say that in cities like Atlanta, Philadelphia, San Francisco and Minneapolis, homes outside the urban center have been falling in value faster than those within it.

Economists and real estate agents believe that skyrocketing energy costs are a top reason why home prices continue to decline in the suburbs. In fact, a recent survey found that more than 75% of home buyers would rather live in a city because of fuel prices.

The bottom line is millions of Americans just can't afford to drive as much. The government found that in March, Americans drove 11 billion fewer miles than in the same month of 2007 – that's the largest one-month drop since they started keeping track of this stuff.

Here’s my question to you: How are gasoline prices changing your life?

Tune in to the Situation Room at 5pm to see if Jack reads your answer on air.

And, we love to know where you’re writing from, so please include your city and state with your comment.