The Institute for Energy Research is a not-for-profit organization that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets.

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June 27, 2008

The Energy Scorecard of the OPEC Congress

June 27, 2008
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FOR IMMEDIATE RELEASE
June 27, 2008
CONTACT:
Brian Kennedy (202) 434-820

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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