Bodman calls for efficiency drive

22 January 2008

Energy efficiency around the world needs to improve if oil prices are to be kept at a reasonable level, according to US energy secretary Sam Bodman.

Crude oil prices rose by more than 50 per cent during 2007 and some experts believe the high cost of the fuel has been one of the factors hindering economic growth in recent times.

With many market commentators claiming the US economy is heading into a recession, Mr Bodman told a green energy conference that all countries have a responsibility to use natural resources more sensibly, reports Reuters.

"We must promote increased energy efficiency. The biggest source of immediately available new energy is the energy that we waste every day," he claimed.

Mr Bodman added that implementing more effective energy efficiency measures and developing alternative sources of energy would help to ease demand for oil.

The Nymex was closed for Martin Luther King Day on Monday, but crude oil prices fell during electronic trading. US crude slipped $2.01 to $88.56 (£45.55) a barrel and Brent crude dropped $1.78 to $87.45.