Mr Berry said that releasing oil from the Strategic Petroleum Reserve (SPR) should be a key component of a comprehensive strategy to restore rational behavior to the petroleum markets.
The trucking executive noted that as the current rules are subject to an international agreement they limit the ability of the US to address market irregularities with the reserves.
The dramatic increase in the price of diesel, which has coincided with a downturn in the US economy and a softening demand for freight transportation, isreportedly hurting trucking companies nationwide. The trucking industry is also experiencing the highest prolonged fuel prices in history.
Mr Berry said: We know that the SPR does not contain enough oil to permanently alter the supply of crude oil in the marketplace. But we believe strategic releases from the SPR could temporarily increase the supply of crude oil and hopefully help restore rational behavior to the petroleum markets. This type of government intervention could drive speculators out of the market and help ensure that petroleum prices are once again driven by supply and demand.
