US energy chief says no need to tighten oil regulations

US Energy Secretary Samuel Bodman said Saturday there was no oil crisis despite a sharp rise in crude prices overnight and said he did not see a need to tighten regulation of the market.
Bodman was in Japan for a meeting of energy ministers of the Group of Eight nations and major Asian powers after oil prices posted their biggest one-day jump ever of 10.75 dollars a barrel in New York trade.
Bodman told reporters that the record oil prices were "a shock" but denied there was a crisis or a need to tighten regulations.
"We've looked at it and have concluded unfortunately that this is not a matter where there needs to be more regulation of markets," Bodman said.
The US Commodity Futures Trading Commission announced recently that it had launched a broad investigation into whether the recent surge in oil prices is being caused by manipulation or fraud.