Oil continues its charge today, with prices rising above $122. At noon, oil is at $122.21, up $2.21.

The bulls have definitely had plenty of reason to continue to push prices higher this week. Concerns over supplies and the weak U.S. dollar continue to lead headlines, adding a boost to the current record high prices. Unfortunately for consumers at the gasoline pumps, higher oil will probably continue to prop up gasoline prices.

In an already uncertain market, any sort of rumors over supplies will always lead to higher prices, and that is definitely playing a part in the current market. Fresh concerns are flowing out of Iraq after Kurdish rebels threatened to start running suicide operations against American interests in the country. Iran is (as always) in the minds of traders as the country continues to defy the United Nations over its nuclear program.

As if those concerns were not enough to keep prices moving higher, we also have news out of violence prone Nigeria that attacks over the past couple of days have led to further supply disruptions from that country. Nigeria is already running at about 75% of the level it was only a couple of years ago due to continuing violence in the area.

The dollar is the other big piece to the puzzle. As we all know, whenever weakness is seen in the dollar people will move quickly into commodities as a way to hedge against the currency. The dollar fell yesterday and is again lower in today's market.

While we read about oil prices day after day, where we are really feeling the pain is at the pump, where gasoline prices are averaging close to 30 cents a gallon higher than this time last year. I wish I could tell you that relief was on the way, but I can't. If oil prices continue to move higher into the summer months, gasoline prices will continue to be a major problem for U.S. drivers.