Energy Secretary says does not favor tapping SPR

CAMERON, Louisiana (Reuters) – Energy Secretary Sam Bodman on Monday said he did not favor releasing the nation’s strategic oil reserves to help bring down record high crude prices.

“You could affect things for a week or a month but you’re then in a very sticky wicket,” Bodman told Reuters on the sidelines of an LNG event when asked about tapping the reserve.


Bodman added he had pushed oil cartel OPEC as far as he could in asking the group to increase production to help alleviate record high oil prices near $117 a barrel.

“I have done everything that I know how to do with OPEC. I have a very good relationship with (Saudi oil minister Ali al-) Naimi and all the people that work at OPEC. I wish they would open it up and issue more oil. That’s my wish but I can’t order them to,” Bodman said.

Reuters