Motorists Driving Into Perfect Storm?

With war looming in Iraq, and a nationwide workers' strike shutting down oil production in Venezuela, industry analysts warn OPEC won't be able to offset the supply losses that would be created by both event hitting at the same time, says CBS News correspondent James Acosta.

"OPEC only has about 5 million barrels a day spare capacity so they could make up most of the loss... but they can't make up all of it," explains energy analyst Tim Evans of IFR Pegasus.

Acosta points out that a supply shortage could come at the peak of winter energy demands.

Evans says, in a worse case scenario "prices could double."

In the last ten days, drivers in Chicago and Detroit have seen prices jump, and the price in St. Louis has spiked 17 cents.

That's because a good portion of Venezuelan oil ends up in the Midwest. Even if the upheaval in Venezuela ends soon, it would take weeks for refiners to return to peak output.

And while Iraq doesn't export oil to the U.S., analysts warn a drop-off in production there would still impact the world market.

So pressure is building for the U.S. to tap into its Strategic Petroleum Reserve -- a move Acosta reports the White House is resisting.

"The strategic petroleum reserve is by design to be used for severe disruptions in the market. That is a type that has not occurred. Obviously we're going to continue to monitor the situation very closely," White House spokesman Ari Fleischer says.

But some energy companies say they need more oil now.

Citgo, which supplies numerous gas stations in the U.S. and is owned by the Venezuelan government, has already asked for oil from the reserve. Without it, reports Acosta, the company is predicting supply problems as soon as this week.