US energy chief calls for more investment to counter rising oil prices

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Nations should fight rising oil prices by cutting subsidies and vastly increasing investment in energy, while oil-producing countries need to ramp up output, the US energy secretary said Saturday.

Samuel Bodman said the surge in world oil prices is largely a simple problem of supply and demand. Production has stalled since 2005 at 85 million barrels a day, while economic growth particularly in China and India has pushed demand ever higher, he said.

Bodman was in northern Japan for meetings with energy chiefs from Group of Eight industrialized countries and other top economies, including South Korea, India and China.

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