According to the head of France's Oil Giant company Total, oil is still "too inexpensive." This surprising statement is what Total's CEO Christopher de la Margerie said in an interview for French economy magazine Revenu
. Even at more than $130 a barrel, he said that oil is still cheaper than in 1974, once we discount inflation. He continues by saying that if oil was actually too expensive, it would discourage demand in countries like China and other emerging economies (it isn't). He also claimed that, "oil is still a non-expensive source of energy if we compare it with other consumer goods."
[Source: Revenu via Autoplus