U.S. Energy Secretary says more oil needed to tame price

JEDDAH, Saudi Arabia (Reuters) – Producers must pump more to ease the pain felt in the United States and elsewhere from record fuel prices, U.S. Energy Secretary Sam Bodman said on Saturday.

“Anything that will add supply to the market is important,” he said.

… Bodman said prices would soar higher if more oil was not forthcoming.

“In the absence of any additional crude supply, for every one percent of crude demand, we will expect a 20 percent increase in price in order to balance the market.”

Reuters