Today, the Committee is holding an oversight hearing on rising oil prices, Executive Branch policy, and U.S. security implications. As we all know, oil is an essential component of our economic vitality and lifestyle.
Oil is the primary energy source for many industries and a key feedstock for others.
High oil prices affect everything from travel, shipping, autos, chemicals, consumer products, technology, and home heating. In March 1999, OPEC decided to decrease oil production to drive up oil prices, even as world oil consumption was rising. During this winter, home heating oil prices doubled in the Northeast. Oil also has important implications for our national security. Because oil is the lifeblood of our economy, it must be reliable, affordable, and predictable.