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Iran’s president says oil prices too low

ahmadinejad_the_movie.jpgIran’s president says oil at $115 a barrel is too low, calls for higher prices

TEHRAN, Iran (AP) — Iran’s hard-line president declared that crude oil prices, now above $115 a barrel, are too low, state media reported Saturday. President Mahmoud Ahmadinejad told an oil and gas exhibition in Tehran on Friday that he thought the commodity still had to “discover its real value,” according to the Web site of Iran’s state-run television.

Oil prices have hit all-time highs above $115 a barrel in recent weeks, amid reports that oil and gasoline reserves in the United States were lower than expected and as the dollar sinks to record lows.

“The oil price of $115 a barrel in today’s global markets is a deceiving figure. Oil is a strategic commodity that needs to discover its real value,” the Web site quoted Ahmadinejad as saying.

He said the same thing in April 2006 when oil was only $70 a barrel.