Samuel Bodman

At a breakfast with reporters sponsored by the Monitor, Mr. Bodman noted that “for the first time in my lifetime, in my professional existence,” major oil suppliers like Saudi Arabia are “right at the ragged edge” in their ability to meet the demand for oil.

The energy secretary says that despite increased world thirst for oil and constraints on US refining capacity, there is little possibility major oil-producing countries could increase production and have “a radical effect on prices.”

The result, says Bodman: “We are for the first time in the hands of the traders. The free market, without outside supply interference [is]….setting the prices.”
Christian Science Monitor