An improving economy and “saber-rattling” from Iran are driving oil prices higher, US Treasury Secretary Tim Geithner said in an interview Friday, before flying to a G-20 meeting of finance ministers in Mexico slated for the weekend.
He told CNBC that the Obama administration would continue to look at tapping the strategic petroleum reserve but emphasized that there is “no quick fix” to soaring oil prices, language President Barack Obama used in a key speech Thursday.
Geithner also said the White House was looking to ensure alternative supplies from Saudi Arabia if needed.
Crude oil for April delivery rose 45 cents, or 0.4 percent, to $108.26 a barrel Friday. Oil prices surged by $1.55 a barrel Thursday amid worries Iran could stop sending oil to some European nations, settling at the highest level since May.
