Ahmednuttyjihad Says

Oil prices are not high enough.

``The global oil price has not reached its real value yet. The products derived from crude oil are sold at prices dozens of times higher than those charged by oil-producing countries,'' the report quoted Ahmadinejad as saying.

Source: Guardian Unlimited via The Philippine Times - Iran: Oil Prices Still Below Real Value This would be an interesting exercise. How much profit is derived from the average barrel of oil. Rush Limbaugh picked up a similar exercise from another blog and the cost of extracting one gallon of gasoline is about $.42 but when all other factors are counted in the price of a gallon of gasoline comes very close to what it is currently.

So, what President Ahmednuttyjihad of Iran is saying you don't pay enough at the gasoline pumps. Of course, he also has to realize what happens when the price of a good goes up demand is suppressed.

Of course, oil is the source for many of the chemicals in our lives. Pharmaceuticals, plastics, lubricants, etc.