For the first time ever, the price of oil reaches 100 dollars a barrel.
Analysts say demand in countries like China and India, as well as violence in oil producing countries like Nigeria helped push prices over the century mark.
The price did come back down a little later in the day.
The White House says domestic oil production is part of the plan to reduce oil prices.
"What the President will do this year is continue to push Congress to work towards expanding domestic production here in the United States in environmentally sensitive ways. We have to figure out a way to increase supplies here in the United States, done in environmentally sensitive ways which we know how to do, so that we can have an increase in supply here while world demand continues to increase at a really astronomical pace, the demand for oil," Dana Perino, White House Spokesman, said.
President Bush says there are no plans to tap into national reserves to help ease the high price of oil.