Edited sentence: An excerpt of the testimony and Waters' questioning follows:.In May of 2008, the House Judiciary Committee's Task Force on Competition Policy and Antitrust Laws held a hearing to investigate competition in the oil industry.John Hofmeister: I can guarantee to the American people because of the inaction of the United States Congress ever increasing prices unless the demand comes down, and the $5 will look like a very low price in the years to come if we are prohibited from finding new reserves, new opportunities to increase supplies.Maxine Waters: What guarantees are you going to give this liberal about how that will reduce the cost of gasoline at the pump if we let you drill where you say you want to drill.This liberal will be about socializing--would be about, basically, taking over and the government running all of your companies.Waters: And guess what this liberal will be all about