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For Immediate Release
April 30, 2008 |
Contact: Jonathan Godfrey
Melanie Roussell |
(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.
Letter to OPEC Secretary General HE Abdalla Salem El-Badri
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