Influenced by a car tell. Its clear who gains from this scenario the Oil Exploration and production companies, many of which are foreign owned. With all the crude coming out of north dakota, wyoming, texas, pennsylvania and other states helping to push prices down, these Companies Want to lift the ban and sell u. S. Crude on the Global Market at higher prices largely determined by opec. And its equally apparent who would lose the american consumer, who would pay more for gasoline, more for heating oil and more for the price of an airline ticket. In in fact, according to barclays plc, lifting the export ban would stop the decline in u. S. Crude prices and cost american motorists as much as 10 billion a year in higher prices at the pump. Our countrys refinery workers also stand to lose from lifting export limits. Some recent history can help explain why. Before the shale oil boom, there was too much capacity in refineries in the northeast and along the gulf coast and many were closing. I
[inaudible conversations] [inaudible conversations] take your seats, and our friends in the audience would like to take a seat, we will get going with our hearing. Ill call to order subcommittee on Communications Director technology and thank our witnesses for being here. Subcom for this worst of what will be many hearings as we look to update the king occasions act. K few sectors of our economy ors. Equal to the communications and Technology Sec atorre when it ci to innovation, investment in the american economy, and jobinveste creation. In these tough Economic Times we as policymakers should begh ecoc committed to fostering this economy. Tering of the yet the loss the regular the industry are outdated at besthat and some are affirmatively regul damaging. Indu this is whystry chairman upton b i, along with members of the subcommittee, have decided to undertake the difficult task of updating the key medications act of 1934. Cmunica in the eight decades since itsht Passage Congress have
Executive privilege or one of the arguments that are legitimate. So well have you back soon. We are going look at the twelve recommendations and how you are going about it. I thank you for being here and for answering all the questions you did. Thank you very much. We stand adjourned. [inaudible conversations]. Emergency and Natural Energy resources will come to order. We will have a busy morning today. But i want to start with particularly exciting news. Senator landrew is having her first grand daughter in a couple hours. We will give her a round of applausei applaua applause. We wabt wanted to wanted to have this hearing because there is talk on whether extruding crude oil is in the natural interest of the people. I think it is fair to say this isnt going to be revolved over the next couple weeks. There is a lot of interest in this subject and that is why we are holding the hearing. I believe deeply in expanded trade. 16 jobs depends on International Trade in my state and trade jobs
Has warned that maintaing the ban may result in decelebrating or shut in production, which would be to the detriment of the nations livelihood. So many things to chew on. Many things to carry forward. We have a panel in front of us that i think is clearly knowledgeable and poised to speak to the issues if i think we will gain from the input this morning. And i think we will gain from her input their input this morning. I thank them for being here and allowing us to have the opportunity on this important discussion. Thank you for the thoughtful statement. Without the committee being hit by one of those politicfacts, i am told this is the first hearing in 25 years on this topic, so given that and the fact that we have more than 10 , a number of senators indicated they would like to make a short statement. I did not want to interrupt the Ranking Member, but when she was talking about where we have come in the past few years and production, i thank senator hoven. While as governor he did a
Helped the group overall. It was the biggest jump we had seen increase in over 33 years, however you are seeing pulling back. Kb homes within a barrel. People buy between now and spring because that is the hot season. Adam Nicole Petallides, thank you very much. Wall streets fear gauge is still gaining ground. In the pits of the cme. A whole lot to talk about. On track trifold largest streakf gains since last year. Phil you consider a market that had no fear. Stocks are going up, the vexed at a low level. All changing, up almost 18 in those last six days and i can see why. The party in the stock market has been going on for quite some time. We had to face important job numbers this weekend as well as a strong possibility the fed is going to lay the groundwork for tapering before ben bernanke leaves office. Might as well give ben bernanke all the heat so janet yellen doesnt have to take it. They have a right to fear. It impacted precious metals. Iif you are not afraid of anything, buy s