"All nations must be better at conservation, and the U.S. is at the top of that list," said Bodman, who met with journalists ahead of a Sunday international meeting of oil producing and consuming nations focusing on high oil prices.

While some have blamed speculators for driving up oil prices, Bodman said he did not believe they are the cause.

Since 2003, he said, global demand for oil has increased because of industry in China, India and the Middle East. But from 2005 to 2007, there was very little increase in supply.

Nations need an additional supply of energy to market, whether that energy is nuclear, coal, fossil fuels, solar or wind power, Bodman said.

But, "we spent 30 years digging ourselves into this hole," he said. "It won't be solved soon."

He said so far, he has not seen a "magic bullet" to solve the problem of high oil prices. But Bodman said what he'd like to see is an increase in the oil inventory, saying more inventory and capacity are needed.

A key adviser to Saudi Arabia's oil minister told CNN in an exclusive interview on Friday that a number of factors, including speculators and currency fluctuations, are to blame for rising oil prices.

Source; Cnn.com

About Fred: Fred is president of The I Team Organization. With a back ground in agriculture Fred has lead many successful business ventures.