US urges subsidy cuts, not regulation, to tame oil
Sunday, 8 June 2008
AOMORI, (Japan), June 07 (Reuters): Energy Secretary Sam Bodman called Saturday for more countries to scrap fuel price subsidies that stoke oil demand, adding that more regulation of energy markets was not the solution to record prices.
Bodman's comments came just ahead of his meeting with top energy officials of Japan, South Korea, India and China, the latter two of which have failed to raise domestic gasoline and diesel prices fast enough to keep up with roaring global markets.
It is part of a broader Group of Eight energy gathering that comes one day after oil's over $10 surge to an all-time high above $139 a barrel, the biggest one-day gain on record.
Bodman's comments came just ahead of his meeting with top energy officials of Japan, South Korea, India and China, the latter two of which have failed to raise domestic gasoline and diesel prices fast enough to keep up with roaring global markets.
It is part of a broader Group of Eight energy gathering that comes one day after oil's over $10 surge to an all-time high above $139 a barrel, the biggest one-day gain on record.