Energy Secretary Doesn't Endorse Tapping Oil Reserve

Wednesday, 18 Jun 2008 | 1:29 PM ET
Oil Drilling Dilemma
President Bush called for dropping the ban on offshore oil drilling today, and he wants Congress to act before the July 4 weekend. U.S. Energy Secretary Samuel Bodman discusses.

U.S. Secretary Sam Bodman said on Wednesday he won't recommend to the White House tapping the Strategic Petroleum Reserve to help battle soaring oil prices.

"It was never meant to be a tool for combating high prices," Bodman told CNBC.

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