Washington, D.C. – U.S. Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC) held 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?" was 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 testified 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.