The Joint Economic Committee (JEC), chaired by Congresswoman Carolyn B. Maloney, held a hearing on Wednesday, May 20, 2009, at 10:00 a.m. in Cannon Office Building  Room 210, entitled “Oil and the Economy: The Impact of Rising Global Demand on the  U.S. Recovery.”  While the global economic downturn had reduced demand for oil in both developed and developing nations, signs of economic recovery began to nudge oil prices higher.  The hearing examined the impact of last year’s oil price shock on the U.S. economy, near term expectations for crude oil prices, and developments in the global supply of crude oil.  The hearing also explored policy options for minimizing the impact of higher oil prices on the economic recovery in the U.S.