Crude stocks are much too low.
Iran has said that all OPEC nations, except Saudi Arabia, are producing as much oil as they can, and that new supplies are not possible without investment and technologies that are banned by U.S. sanctions on Iran, Iraq and Libya, which possess large petroleum reserves. OPEC officials reiterated that high prices were being fueled by speculation, high taxes in consumer nations and refining bottlenecks, a statement OPEC officials have often made this year , which in turn has raised considerable political ire in the U.S . It's a supply problem. Richardson said he believed the Democrats would pursue the same policy toward Iran if Al Gore became the next U.S. president. He said he could not comment on U.S. policy toward Iran if George W. Bush were to become the next president of the United States.