6 Months, 40 Oversight Hearings, 160 Witnesses Sworn-in, But Zero New Supplies

WASHINGTON, D.C. – Now adjourned for its Independence Day recess, the U.S. Congress has convened at least 40 hearings on the issue of skyrocketing energy prices in the first six months of 2008. At least 160 witnesses have been sworn-in and questioned. But, even as consumers suffer, the Congress still has done nothing to increase American energy supplies. Institute for Energy Research (IER) president Thomas J. Pyle issued the following statement:

“Don’t mistake activity for productivity,” Pyle said. “Members of Congress have been questioning witnesses and pounding podiums for the news cameras, but they have done nothing to increase American oil production by even one single barrel. Families are paying the price of Washington’s willful refusal to do what we all know must be done.”

“American taxpayers own the federal lands, and they own the vast energy resources that lie beneath them too,” Pyle continued. “If the federal government continues to withhold these supplies, how is it any different than OPEC? That’s something all of us should think about on Independence Day.”

More from the Institute for Energy Research (IER):

· Top Five Actions Government Can Take to Lower Gas Prices
· Speculators Fixing Oil Prices? Don’t Bet on It
· The World’s Biggest Oil Companies Aren’t American, and Aren’t Private
· Is it Price Gouging?
· Who’s to Blame for High gas Prices?

The Institute for Energy Research (IER) is a not-for-profit public foundation that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. Founded in 1989, IER is funded entirely by tax deductible contributions from individuals, foundations and corporations. No financial support is sought for or accepted from government (taxpayers).

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H.R. 6047 states: “It shall be illegal and a violation of this Act… to limit the production or distribution of oil, natural gas, or any other petroleum product…or to otherwise take any action in restraint of trade for oil, natural gas, or any petroleum product when such action, combination, or collective action has a direct, substantial, and reasonably foreseeable effect on the market, supply, price, or distribution of oil, natural gas, or other petroleum product in the United States.”

“The Congress itself is guilty of committing the crimes outlined in this legislation,” Pyle said. “In fact, it is a repeat offender. The only difference between the Congress and OPEC in this regard is that OPEC is willing to produce oil for its citizens and its economies. The U.S. Congress, unfortunately, is not.”

“Instead of doing the real work of the people they represent, Members of Congress are once again pointing fingers at bogeymen,” Pyle continued. “Time and time again over the last several decades, the Congress has refused to lift the restrictions on domestic energy production, and American consumers are paying exorbitant prices today as a result. Based on the recent work of the Congress – including this bill today – it’s clear that relief that for consumers is nowhere in sight.”

All but two of the NOPEC bill’s sponsors are also coauthors of a bill to make ANWR’s coastal plain a permanent wilderness, which would therefore “limit the production or distribution of oil, natural gas, or any other petroleum product…” from a small area that could produce 1 million barrel per day for consumers. The Congress has also taken dozens of votes that have effectively banned (1) production of the Outer Continental Shelf’s estimated 85 billion barrels of oil and 420 trillion cubic feet of natural gas (2) access to ANWR’s estimated 10.4 billion barrels of oil (3) development of America’s estimated 2 trillion barrels of oil shale, and more. Visit www.energyrealism.com for more information.

The Institute for Energy Research (IER) is a not-for-profit public foundation that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. Founded in 1989, IER is funded entirely by tax deductible contributions from individuals, foundations and corporations. No financial support is sought for or accepted from government (taxpayers).

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