Chavez says $100 barrel of oil is fair

CARACAS, Venezuela, March 26 (UPI) -- Venezuelan President Hugo Chavez says the upward spiral of oil prices to about $100 a barrel was "just right."

Chavez, who oversees South America's largest oil reserves, noted that oil is a nonrenewable resource and should be priced accordingly, El Universal reported Tuesday.

The leftist leader's remarks followed his decision to increase taxes on foreign and domestic petroleum companies, saying their soaring profits were not "a product of any extraordinary effort."