With the price of oil surging above $126, one oil price prediction, which puts oil past $187 a barrel, is right on track.

Last December, Money Morning’s Keith Fitz-Gerald publicly made the oil price prediction that oil would reach $187 a barrel within three years. In mid-March, he reiterated this price prediction.

Keith says: “We are burning through supplies at a rate that’s four times to five times faster than we’re discovering new reserves. Throw in a few surprises… perhaps a terrorist event… and add in the accelerating use of oil and gasoline in Third World countries, and we have the recipe for far higher prices.”

Read on to find out why Keith has now boosted his oil price prediction from $187 to $225.