Config Error - Cannot read configuration file...

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C#

ASP.NET

I am getting this error from my IIS8.0
HTTP Error 500.19 - Internal Server Error
Module IIS Web Core
Notification Unknown
Handler Not yet determined
Error Code 0x80070005
Config Error Cannot read configuration file due to insufficient permissions
Config File \\?\C:\Users\oluwaseun\Documents\Visual Studio 2012\Projects\CBTDLCF\web.config
Requested URL http://localhost:2020/
Physical Path
Logon Method Not yet determined
Logon User Not yet determined


I guess why this persists is because I have an instance of Wamp Server installed on my system which also uses the localhost too. Is there something I'm doing wrong???

my web.config file

<?xml version="1.0" encoding="utf-8"?>
<!--
  For more information on how to configure your ASP.NET application, please visit
  http://go.microsoft.com/fwlink/?LinkId=169433
  -->
<configuration>
  <configSections>
    <!-- For more information on Entity Framework configuration, visit http://go.microsoft.com/fwlink/?LinkID=237468 -->
    <section name="entityFramework" type="System.Data.Entity.Internal.ConfigFile.EntityFrameworkSection, EntityFramework, Version=4.4.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089" requirePermission="false" />
  </configSections>
  <connectionStrings>
    <add name="DefaultConnection" providerName="System.Data.SqlClient" connectionString="Data Source=(LocalDb)\v11.0;Initial Catalog=aspnet-CBTDLCF-20140930120545;Integrated Security=SSPI;AttachDBFilename=|DataDirectory|\aspnet-CBTDLCF-20140930120545.mdf" />


  <add name="CBTDLCFDBEntities" connectionString="metadata=res://*/CBTDLCFDBModel.csdl|res://*/CBTDLCFDBModel.ssdl|res://*/CBTDLCFDBModel.msl;provider=System.Data.SqlClient;provider connection string=&quot;data source=(LocalDB)\v11.0;attachdbfilename=|DataDirectory|\CBTDLCFDB.mdf;integrated security=True;connect timeout=30;MultipleActiveResultSets=True;App=EntityFramework&quot;" providerName="System.Data.EntityClient" /></connectionStrings>
  <system.web>
    <compilation targetFramework="4.0">
      <assemblies>
        <add assembly="System.Data.Entity, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089" />
      </assemblies>
    </compilation>
    <authentication mode="Forms">
      <forms loginUrl="~/Account/Login" timeout="2880" defaultUrl="~/" />
    </authentication>
    <profile defaultProvider="DefaultProfileProvider">
      <providers>
        <add name="DefaultProfileProvider" type="System.Web.Providers.DefaultProfileProvider, System.Web.Providers, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" connectionStringName="DefaultConnection" applicationName="/" />
      </providers>
    </profile>
    <membership defaultProvider="DefaultMembershipProvider">
      <providers>
        <add name="DefaultMembershipProvider" type="System.Web.Providers.DefaultMembershipProvider, System.Web.Providers, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" connectionStringName="DefaultConnection" enablePasswordRetrieval="false" enablePasswordReset="true" requiresQuestionAndAnswer="false" requiresUniqueEmail="false" maxInvalidPasswordAttempts="5" minRequiredPasswordLength="6" minRequiredNonalphanumericCharacters="0" passwordAttemptWindow="10" applicationName="/" />
      </providers>
    </membership>
    <roleManager defaultProvider="DefaultRoleProvider">
      <providers>
        <add name="DefaultRoleProvider" type="System.Web.Providers.DefaultRoleProvider, System.Web.Providers, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" connectionStringName="DefaultConnection" applicationName="/" />
      </providers>
    </roleManager>
    <!--
            If you are deploying to a cloud environment that has multiple web server instances,
            you should change session state mode from "InProc" to "Custom". In addition,
            change the connection string named "DefaultConnection" to connect to an instance
            of SQL Server (including SQL Azure and SQL  Compact) instead of to SQL Server Express.
      -->
    <sessionState mode="InProc" customProvider="DefaultSessionProvider">
      <providers>
        <add name="DefaultSessionProvider" type="System.Web.Providers.DefaultSessionStateProvider, System.Web.Providers, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" connectionStringName="DefaultConnection" />
      </providers>
    </sessionState>
  </system.web>
  <system.webServer>
    <modules runAllManagedModulesForAllRequests="true" />
  </system.webServer>
  <runtime>
    <assemblyBinding xmlns="urn:schemas-microsoft-com:asm.v1">
      <dependentAssembly>
        <assemblyIdentity name="DotNetOpenAuth.Core" publicKeyToken="2780ccd10d57b246" />
        <bindingRedirect oldVersion="1.0.0.0-4.0.0.0" newVersion="4.1.0.0" />
      </dependentAssembly>
      <dependentAssembly>
        <assemblyIdentity name="DotNetOpenAuth.AspNet" publicKeyToken="2780ccd10d57b246" />
        <bindingRedirect oldVersion="1.0.0.0-4.0.0.0" newVersion="4.1.0.0" />
      </dependentAssembly>
    </assemblyBinding>
  </runtime>
  <entityFramework>
    <defaultConnectionFactory type="System.Data.Entity.Infrastructure.LocalDbConnectionFactory, EntityFramework">
      <parameters>
        <parameter value="v12.0" />
      </parameters>
    </defaultConnectionFactory>
  </entityFramework>
</configuration>