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Is the Skyrocketing Price of Oil a Bubble or a New Reality for the U.S. Economy?

June 25, 2008

Washington, D.C. – U.S. Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC) held a hearing to examine the state of the global energy markets and the impact of sustained high oil prices on the U.S. economy. The JEC hearing entitled, "Oil Bubble or New Reality: How Will Skyrocketing Oil Prices Affect the U.S. Economy?" was held Wednesday, June 25, 2008 at 9:30 am in Room 106 of the Dirksen Senate Office Building. Dr. Daniel Yergin of Cambridge Energy Associates testified along with other energy and economics experts. Dr. Yergin, a Pulitzer Prize winning author and oil expert, said the sharp rise in oil prices has already caused a contraction in many sectors within the U.S. economy which will result in a push for increased fuel efficiency.

Opening Statements:

Senator Charles E. Schumer (PDF - 35.9 KBs)

Witness Statements:

John A. "Skip" Laitner, American Council for an Energy-Efficient Economy (PDF - 123.8 KBs)
Frederick Joutz, Professor of Economics, George Washington University (PDF - 174.0 KBs)
Dr Daniel Yergin, Cambridge Energy Research Associates (PDF - 312.0 KBs)

Press Advisories:

Press Advisory (PDF - 35.3 KBs)

Archived Videos:

Is the Skyrocketing Price of Oil a Bubble or a New Reality for the Economy (RAM - 64.0 Bs)

Charts:

Americans Are Spending Double on Gasoline Now than We Spent in 2001 (PDF - 12.0 KBs)
Regular Gasoline Prices Surge Past $4 per Gallon (PDF - 12.5 KBs)
Diesel Gas Prices Could Hit $5 per Gallon (PDF - 12.6 KBs)
Oil Prices Soar As OPEC Withholds Capacity (PDF - 12.0 KBs)
Crude Oil's Share of GDP Has Doubled (PDF - 12.0 KBs)
Gasoline Bills Ate Up 10 Percent of Low-Income Earners' Paychecks in 2006 (PDF - 11.2 KBs)
Transportation Consumes the Overwhelming Majority of U.S. Oil Demand (PDF - 10.0 KBs)

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