Analysts are expecting that the price of crude oil will rise up to 140 dollars or even more in the next eight years, as they worry that the growing demand would be more and more difficult to cover by the supply.

Soon after the Organization of Petroleum Exporting Countries announced that the oil production levels would not increase by as soon as September the crude oil price rose to a new record in New York on Tuesday.

Texas oilman T. Boone Pickens expressed his disapproval regarding OPEC’s decision, saying that the prices are being pushed by too low supplies. According to The Wall Street Journal, he also said that speculators were not driving prices.

"There is no bubble," Pickens said, predicting that oil prices could possibly reach up to 150 dollars per barrel by the end of this year.

On the New York Mercantile Exchange, crude oil prices jumped to 129.07 dollars per barrel, just before receding 57 cents to 128.50 dollars.

The price of natural gas has rose 0.008 cents, reaching 11.373 dollars per million British thermal units.

According to the AAA, the national average price for a gallon of unleaded gasoline reached a record of 3.80 dollars, compared to the 3.794 dollars on Monday.