Mr Bodman maintained that he did ask oil cartel OPEC to increase production in order to improve record high oil prices. On its part, OPEC said that the oil markets are well supplied, adding that it is the speculators who are responsible for oil’s rally to all-time highs in 2008.
Increasing regulation of speculators may not have a considerable impact on oil prices, according to Mr Bodman.
In relation to finding a solution to the ever-rising crude oil prices, Mr Bodman said: We need to diversify energy sources.
