MEDIA ADVISORY:

IS THE SKYROCKETING PRICE OF OIL A BUBBLE OR A NEW REALITY FOR THE U.S. ECONOMY?

 Joint Economic Committee to Examine Oil's Impact on the Economy with Pulitzer Prize Winning, Oil Expert, Daniel Yergin

Will Additional Conservation-Focused Policies Reduce Our Foreign Oil Dependence and Strengthen Our Economy?

Washington, D.C. – U.S. Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC) will hold 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?" will be 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 will testify 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.

WHAT: Joint Economic Committee Hearing "Oil Bubble or New Reality: How Will Skyrocketing Oil Prices Affect the U.S. Economy?"
WHO: Dr. Daniel Yergin, Co-founder and Chairman of Cambridge Energy Research Associates
Frederick Joutz, Professor of Economics and Director, Research Program on Forecasting, George Washington University
John A. "Skip" Laitner, Director, Economic Analysis American Council for an Energy-Efficient Economy (ACEEE)
WHEN: 9:30am, Wednesday, June 25, 2008
WHERE: Room 106, Dirksen Senate Office Building

Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

www.jec.senate.gov

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