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 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.
Pointing to the probe, some members of the US Congress, controlled by the Democratic Party, have argued that new regulations are necessary on the market to prevent speculation and tame soaring oil prices.
Bodman said he did not see evidence of manipulation, but warned oil producers that high prices were not entirely in their interest.
"It's not good for producing nations to see the US struggling economically (as) they depend on us to be a significant engine in world economic activity," Bodman said.
Bodman was holding talks with officials from Asia's four largest economies
