OPEC believes oil prices are too high

Reuters quotes an OPEC spokesman who believes oil prices are too steep. And most American consumers would tend to agree as gas pumps are charging over $3/gallon in many places.

Crude oil set newrecord highs at $71 a barrel, and the rise is not justified by market fundamentals, the OPEC delegate.

"OPEC believes strongly that prices are too high and nobody wants to see these prices," the delegate told Reuters. "(But) it has nothing to do with fundamentals."

"Geopolitics are riding the price," the OPEC delegate said, stressing that there was no shortage of crude in the market. Fears that the US will nuke Iran and disrupt that country's oil flow seem to be blamed for the rise in prices.