WASHINGTON, D.C. --- During an appearance on NBC’s “Meet the Press,” Energy Secretary Samuel W. Bodman said that the nation’s oil price crisis stems from growing demand from such countries as China and India and that suppliers would not be in position to meet such demands for another two to three years. “The suppliers have lost control of the market,” Bodman said. During an appearance on “Fox News Sunday,” White House Chief of Staff Joshua B. Bolten discussed President Bush’s energy plan to deal with rising gas prices: loosening regulations on fuel ingredients, providing incentives for production and purchase of hybrid vehicles, and reducing the amount of oil designated for the national strategic reserve. But, Bolten conceded, these measures would have minimal impact on prices in the short term.

Originally posted on Fleet Financials