Breaking Up the Oil Companies: Is a Reconsideration of Oil Co. Mergers in the Last Two Decades in Order?
Press Release
FOR PLANNING PURPOSES ONLY Contact: Israel Klein
May 22, 2007 202-224-0368
MEDIA ADVISORY:
BREAKING UP THE OIL COMPANIES: IS A
RECONSIDERATION OF OIL CO. MERGERS IN
THE LAST TWO DECADES IN ORDER?
Congressional Joint Economic Cmte to Begin Overdue Debate on Consolidation in
U.S. Oil Industry and its Impact on Consumers and Energy Security
Competing Views of the GAO and FTC Raises the Question: Is U.S. Policy on
Mergers Protecting Oil Companies or Consumers?
JEC Chair Schumer: "Would More Competitors in the Oil Industry Lower Gas
Prices for Consumers?"
Washington, D.C. - U.S. Senator Charles E. Schumer (D-NY), Chairman of the Joint
Economic Committee, will hold a hearing on the economic impact of consolidation in the oil
industry entitled, "Is Market Concentration in the U.S. Petroleum Industry Harming
Consumers?" on Wednesday, May 23, 2007 at 10:00am in 216 Hart Senate Office Building.
The JEC will examine the impacts of consolidation in the oil and gas industry on competition,
gasoline prices, and consumers' energy choices. Specifically, the Committee will investigate
whether oil industry mergers and increased market concentration have enabled firms to raise
their prices above competitive levels and strategically withhold capacity to keep prices high; and
investigate whether firms are preventing the entry of cheaper fuel alternatives for consumers at
the pump.
WHAT: JEC Hearing: "Is Market Concentration in the
U.S. Petroleum Industry Harming Consumers?"
WHEN: Wednesday, May 23, 2007 at 10:00am
WHERE: 216 Hart Senate Office Building
First Panel Witnesses:
Dr. Thomas McCool, Director, Center for Economics, Government
Accountability Office
Dr. Michael Salinger, Director of the Bureau of Economics, Federal Trade
Commission
Second Panel Witnesses (updated):
Dr. Diana Moss, American Antitrust Institute, Vice President and Senior
Research Fellow
Dennis DeCota, Calif. Service Station and Automotive Repair Assn.,
Executive Director
Ms. Samantha Slater, Director, Congressional and Regulatory Affairs,
Renewable Fuels Association, Washington, DC
Mr. Red Cavaney, President and CEO, American Petroleum Institute
Dr. James Smith, Southern Methodist University, Chair of Oil and Gas
Management
The Joint Economic Committee, established under the Employment Act of 1946, was created by
Congress to review economic conditions and to analyze the effectiveness of economic policy.
www.jec.senate.gov
Source