Geithner: Economy, Iran causing oil price rise

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Geithner: Economy, Iran causing oil price rise
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) -- An improving economy and Iran "saber-rattling" was behind the recent rise in oil prices, Treasury Secretary Tim Geithner said on CNBC television before flying to a Group of 20 finance minister meeting in Mexico. He said the administration would continue to look at tapping the strategic petroleum reserve but emphasized there's "no quick fix," language President Barack Obama used in a key speech on Thursday. Geithner also said the White House was looking to ensure alternative supplies from Saudi Arabia if needed. Europe needs a "stronger" firewall, he said, and the International Monetary Fund shouldn't replace Europe as the source of the firewall. But he said that if Europe were to increase its commitment, the U.S. would be prepared to see the IMF take a larger role if needed.