WASHINGTON (AP) - Energy Secretary Samuel Bodman is rejecting a
call by some members of Congress to release oil from the
government's emergency stockpile.
Bodman today told a House hearing that oil is needed to respond
to future supply emergencies and not to influence prices.
He also says he does not believe that rampant market speculation
is causing record high oil prices. The high prices have helped
force gasoline to $4 a gallon and are increasing other costs.
Bodman says it's a matter of supply and demand that can be traced
to essentially flat global production over the last three years.
Massachusetts Congressman Edward Markey says the release of
government oil is justified because the country is "in an economic