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Statement from Energy Secretary Bodman on OPEC's Decision to Cut Crude Oil Production

October 19, 2006 - 9:17am

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"We continue to believe that it is best for oil producers and consumers alike to allow free markets to determine issues of supply, demand and price.  Despite the recent downturn in crude oil prices, they remain at historically high levels, clearly indicating a global demand for petroleum products.  And as past experience has shown, market intervention is not beneficial for producing or consuming nations.

"While U.S. gasoline prices have fallen, crude inventories are high and our economy remains strong, we must reduce America's dependence on foreign energy sources, as President Bush has said time and again.  To do so, we will continue to develop new energy technologies like cellulosic ethanol and hydrogen, and improve energy efficiency, and we must expand access to our domestic energy resources in the Outer Continental Shelf and in ANWR."

Media contact(s):

Craig Stevens, (202) 586-4940

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