High prices an Irrational exuberance',says IEA

摘要

High oil prices reflect"irrational exuberance",the IEA suggested last week,echoing Federal Reserve chairman Alan Greenspan's description of equity markets in 1996."The market is tight,production and infrastructure capacity is less than desired and uncertainties continue to weigh on the market.But,does that justify US45/bl oil?"the IEA asks in its latest Monthly Oil Market Report.The report admits high oil prices are"causing economic damage",but fails to signal clearly why prices are so high.