The meeting will come to order. Today we we are here to discuss the opportunities that the recent challenges to say that the growth in demand for electric power in united the United States. And thats a trip over to demand for electricity grew steadily along with our economy. In the decades following implementation of the north american freetrade agreement which is in 1990 and electricity demand growth fell by nearly 45 . 45 . For the past two decades electrical demand for load has been flat across the country. We are here today because that era appears to be coming to an end rapidly. But thats the growth in Domestic Technology and manufacturing sectors utilities and gridan experts across the country telling us electricity demand is truly remarkable growth. Meeting this demand growth may provide to be one of the greatest challenges we will face an will face in also inn opportunities for the toy First Century for citizens. Our defense and security but i wanten to thank our witnesses on w
Including against its oil industry which has helped fund its military activities and those of its proxies across the middle east. Data from Energy Analytics firm, vortexa, suggests that in the first three months of this year, iran exported more oil than at any time in the last six years, with most of it going to china. Iran currently produces about 3 of the worlds oil supplies. Earlier i spoke to Philip Worman who is a senior Managing Director we have heard about new sanctions from the us and uk, targeting executives of an Engine Manufacturer that supplied the drones iran used in that attack on israel. Companies also linked to irans Steel Industry are being targeted. Earlier i spoke to Philip Worman who is a senior Managing Director at Risk Consultanchs held. Philip advises on sanctions risk. Well, its interesting. Even with the recent Missile Attacks on israel, the price of crude really hasnt gone up in the same way that you saw with previous geopolitical shocks. So crude is kind of p
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
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