oil producing nations

Crude oil hovers near $142 a barrel as ministers from oil producing nations meet in Madrid to discuss high prices.

Oil prices have come down from the record high set Tuesday, but oil is still trading at more than $120 a barrel.

Political tensions in oil-producing nations are a factor, but expectations of higher prices may also contribute to soaring prices.

Some economists say prices could hit $150 a barrel — which would make gasoline $4.50 a gallon.