Oil prices high due to high demand, not Iran: Bush

MOUNT VERNON, Virginia (Reuters) - Oil prices are at record levels near $100 a barrel because of high demand and not because of instability over Iran, U.S. President George W. Bush said on Wednesday.

"Oil prices are going up because the demand for oil outstrips the supply for oil. Oil is going up because developing countries still use a lot of oil," Bush said, speaking at a joint news conference with French President Nicolas Sarkozy.

Asked if oil prices are high because of instability in Iran, Bush replied, "No."

(Reporting by Chris Baltimore)