Oil prices have surged over the last week, pushing the price of gas at the pump up nearly 20 cents a gallon over that time. Stock indexes fell Monday after Tuesday Chairman Ben Bernanke said that persistent high oil prices could threaten the pace of the economic recovery.
Bernanke will testify for a second straight day on Capitol Hill Wednesday, this time to the House Financial Services Committee.
Oil prices were up slightly but were below $100 a barrel.
Ahead of the opening bell, Dow Jones industrial average futures are up 25 points, or 0.2 percent, to 12,047. S&P 500 futures are up 4, or 0.3 percent, to 1,305. Nasdaq 100 futures are up 6, or 0.3 percent, to 2,317.