Washington, D.C. - The U.S. Congress Joint Economic Committee (JEC) will hold a hearing entitled, “Gas Prices in the Northeast: Potential Impact on the American Consumer Due to Loss of Refining Capacity” on Thursday, April 26, 2012, at 2:15 p.m., in room G-50 of the Dirksen Senate Office Building. The hearing will focus on the impact potential closures of petroleum refineries serving the Northeast could have on prices at the pump in the Mid-Atlantic and New England regions.
The loss of refining capacity in the region will place additional pressure on the transportation infrastructure, which may be inadequate to make up this lost refinery capacity. The hearing will analyze whether the centralization of refining activities in the Gulf Coast region will affect the price of gasoline, diesel or heating oil or lead to potential shortages of those fuels in the Northeast.
“Rising gas prices coupled with decreasing refining capacity on the east coast raise serious questions about our ability to ensure an adequate supply of affordable fuel for American consumers,” said Senator Casey. “This hearing will shed light on the impact that decreased refining capacity will have on the price and supply of gasoline and heating oil for those that depend on it in the northeast.”
WHAT: Hearing on “Gas Prices in the Northeast: Potential Impact on the American Consumer Due to Loss of Refining Capacity”
WHO: Dr. Diana Moss, Vice President
American Antitrust Institute
Mr. Robert Greco, Group Director of Downstream and
Industry Operations, American Petroleum Institute
Mr. Thomas D. O'Malley, Chairman
Dr. Michael Greenstone, Director, Hamilton Project
3M Professor of Economics, MIT
Washington, DC and Cambridge, MA
WHEN: 2:15 p.m., Thursday April 26, 2012
WHERE: G-50 Dirksen Senate Office Building
Chairman Bob Casey presiding.
The hearing will be webcast live at www.jec.senate.gov.