Chairman Edward Markey (D-Mass) of the Select Committee on Energy Independence and Global Warming asks Karen Harbert of the U.S. Chamber of Commerce whether it would be unreasonable to assume that oil would hit $226 a barrel. Harbert who stated she believed that “forecasts are useful guide points” but stressed that no economic oil forecast can adequately predict why on any given day the price of oil may spike. (1:07)
Consumers are being tipped upside down by the big oil companies, with money being shaken out of their pockets at the pump. This statement made by Chairman Edward Markey (D-MA), was widely echoed by all members of Congress present at the House Select Committee on Energy Independence and Global Warming. President Bush, he said, refuses to use our oil reserves, and not only is that something that can be done, it is something that should be done. Congressman James Sensenbrenner (R-WI) echoed that by adding that they need to put aside bipartisanship and releasing the reserves was essentially paying attention to Economics 101.
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