Ahmadinejad: Oil Prices Should Be Higher

Iranian President Mahmoud Ahmadinejad said the current cost of $115 for a barrel of oil as an essential commodity is not high enough.

It is not right for the opponents of the countries that are endowed with oil to use this essential commodity as a political tool against the owners, Ahmadinejad said at the 13th International Oil, Gas and Petrochemical Exhibition in Tehran Friday, Press TV reported.

We believe all countries should use their resources by cooperating with other countries and those resources should be used with the aim of enhancing world peace, welfare, progress and fraternity among nations, he said.

Ahmadinejad said certain nations think oil is a free offering, that oil is on their land by mistake.

Therefore, they try to take advantage of this gift, he said.

The cost of a barrel off light, sweet crude oil has spiked Friday at $116.691 for May deliveries, a $1.83 increase from its previous cost in the New York Mercantile Exchange.