Even More on Oil Prices

If the anonymous source in this Sky News article is worth anything, even OPEC sees oil as being over-valued:

Meanwhile, the world's leading producers say oil is too expensive and they plan to increase supplies.

A source at Opec said its 13 members were uncomfortable with the current price of crude, which last week hit a record $135 a barrel.

Based on present supply and demand, he said it should be fetching $60-$70 a barrel.

Saudi Arabia said it would increase production.

Remember, even OPEC doesn't want to see outrageously expensive oil. If oil prices sustain themselves at very high levels, economic activity decreases and consumers slowly change their habits, which can lead to an oil bust.