In our conversation Michael interviewed me on the issues that were most pertinent to petroleum retailers, as related to the consolidation of major oil companies that has taken place over the last two decades. Of interest to the Committee were issues related to the gasoline industry on competition, prices, and energy choices for consumers. The Committee specifically wanted to investigate whether mergers had increased the market concentration in the U.S. petroleum industry and how mergers enabled the majors to raise their prices above competitive levels and strategically withhold product to keep prices high. The Committee also looked at such issues as investigating whether the oil companies are using their market power to prevent entry of cheaper fuel or alternative fuels, such as generic gasoline or bio- fuels, thereby restricting consumer choice.

After my interview I received a formal invitation from Senator Charles Schumer inviting me to testify at a hearing in Washington, DC before the Joint Economic Committee on Wednesday, May 23, 2007. The subject of the hearing was "Is Market Concentration in the U.S. Petroleum Industry Harming Consumers?" You may read the written text of my testimony in its entirety on CSSARA's webpage at www.cssara.org.

Senator Schumer asked me to explain the following to the Joint Economic Committee:

The Chairman stated in Committee that my testimony made the most out of the five minutes that each participant was given to testify. He said that I actually belonged on the first witness panel, which included Federal Trade Commission Executive Dr. Michael Salinger and Dr. Thomas McCool, the Director of the Center for Economics in the Government Accountability Office, rather than the second panel, I take that as a great compliment.

I will say the Senators grilled them, especially Senator Schumer. Representative Maurice Hinchey (D-NY) in his questioning made the FTC representatives look incompetent as related to mergers, acquisitions, market power, and other issues that should have pre- oversight by the FTC. It was obvious that they were unprepared and were touting the oil companies' line about supply and demand and that the system was not broken. It is this type of attitude that has created the largest rip-off of the U.S. consumer in history. We need to demand better from both our elected officials and the bureaucracies that are charged with oversight in order to protect the public, such as the Federal Trade Commission.