From the House Judiciary Committee:
House Judiciary Committee Investigates Rising
Gas Prices for Americans and Rising Profits for Oil
Companies
(Washington, DC)- House Judiciary Committee Chairman John Conyers, Jr. (D-MI) announced today that the Committee's Task Force on Competition Policy and Antitrust Laws will hold a series of hearings on rising gas prices for Americans and rising profits for oil companies. The task force will hear from consumers and industries affected by the rising prices, as well as oil industry representatives. The first hearing will be held on May 7 to address consumer issues. Conyers also today sent a letter to the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), inviting him to testify before the committee on May 22.
"As consumers face rising gas prices in excess of $4.00 a gallon in some areas, oil companies are reporting record profits," Conyers said. "In the past few days, British Petroleum announced a 63% rise in profits for the first quarter of this year, Shell announced a 25% rise in earnings, and ConocoPhillips is up 17%. At the same time, OPEC announced that oil prices could hit $200 a barrel. Americans are forgoing planned vacations, paying higher prices for food, and struggling to pay for their daily commutes – all because of gas prices. They deserve to know why.”
"There is not an issue
that I hear about more from those I represent back in Cincinnati
than the high cost of gas," said Ranking Member
Steve Chabot (R-OH) . "Everyday, people raise questions about
OPEC nations taking advantage of their market power to stick it to
the American consumer. It is past time for this Congress to take
serious steps to reduce our dependence on foreign energy sources, by
boosting domestic energy production and encouraging investment in
technologies of the future."
The full text of the letter to OPEC Secretary General HE Abdalla Salem El-Badri is below.
******************************
April 29, 2008
HE Abdalla Salem El-Badri Secretary General Organization of the Petroleum Exporting Countries Obere Donaustrasse 93 A-1020 Vienna Austria Dear Secretary General El-Badri: The Antitrust Task Force of the House Committee on the Judiciary
will hold a hearing on Thursday, May 22, 2008, at 10:00 a.m. in room
2141 Rayburn House Office Building. The title of the hearing is:
Retail Price of Gas and Competition in the Oil Industry. I would like to invite you to testify at this hearing.
Understanding that a personal appearance would require you to travel
a considerable distance, we would be happy to teleconference you
into the hearing. In addition, should you have an unalterable
scheduling conflict, you are welcome to send some other OPEC
representative in your stead. Please prepare a written statement for
submission to the Committee prior to your appearance. The written
statement may be as extensive as you wish and will be included in
the hearing record. To allow sufficient time for questions at the
hearing, please briefly highlight the most significant points of the
written statement in an oral presentation lasting five minutes or
less. Oral testimony during the hearing, including answers to
questions, will be printed as part of the verbatim record of the
hearing. Only transcription errors may be edited subsequent to the
hearing. To facilitate preparation for the hearing, please send an
electronic copy of your written statement and curriculum vitae to
the Committee 48 hours in advance of the hearing. The Committee will
publish the statement on our website and, therefore, requests that
you provide the documents in Word Perfect, Microsoft Word, or Adobe
Acrobat. Please number all pages of the written statement, and
attach a cover page with your name, position, date, and the title of
the hearing. In addition, the Committee requests that you provide 50 copies of
your written statement to 2138 Rayburn House Office Building,
Washington, DC, 20515, by 12:00 p.m. the day of the hearing. Due to
delays with our current mail delivery system, the copies should be
hand delivered in an unsealed package. If this is not possible,
please bring the copies with you the day of the hearing. If you
intend to teleconference, alternate arrangements can be made. Should
you intend to introduce a published document or report as part of
your written statement, I ask that you provide 50 copies for the
hearing. Should such material be available on the Internet, please
prepare a page containing citations to such material and provide the
Committee with 50 copies. Section 210 of the Congressional Accountability Act of 1995
applies the rights and protections covered under the Americans with
Disabilities Act of 1990. Accordingly, the Committee on the
Judiciary strives to accommodate/meet the needs of those requiring
special assistance. If you need special accommodation, please
contact the Committee on the Judiciary in advance of the scheduled
event (3 days requested) at 202-225-3951. Additionally, the Rules of the House require a disclosure of the
amount and source (by agency and program) of any Federal grant (or
subgrant thereof) or contract (or subcontract thereof) which is
relevant to your testimony and was received, by you or by an entity
which you represent, during the current fiscal year or either of the
two preceding fiscal years. Therefore, please fill out the enclosed
"Truth in Testimony" Disclosure Form and fax it to the Committee at
202-225-7680 prior to the hearing. If you have any questions or concerns, please contact my staff at
202- 225-3951. I look forward to your participation in the hearing. Sincerely, John Conyers, Jr. Chairman ##110-JUD-020808#
Melanie N.
Roussell
Communications Director
House Committee on the Judiciary
202-226-5543 -
office
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