“Space Mountain” Pump Prices

Attached is my written testimony for a hearing today at the House Energy and Commerce Committee, Subcommittee on Energy and Power, today.  I emphasized that global crude oil market supply and demand are the primary reason gasoline prices are – and in recent years – have been gyrating.  It has to do with forces over which we have little to no control – soaring demand in fast-growing Asia and the Middle East, constrained supply growth, and (too) often geopolitical disruptions and risk.   There are things we can do to manage the oil volatility, but first we must take stock of reality and stop the usual blame games.  The good news is everyone seems to be getting sick of the stale old arguments as these pump price run-ups continue.