At today's hearing of the Committee on Science, Space, and Technology examining technology and policy pathways to develop more domestic unconventional oil resources, witnesses urged the Obama Administration to pursue policies that will encourage expanded production.
Stressing the potential benefits of expanded domestic oil production, Ms. Karen Harbert, President of the U.S. Chamber of Commerce’s Institute for 21st Century Energy, discussed how the U.S. could position itself as a key energy producer. “If the federal government were to allow access to the country’s tremendous unconventional resources, our production levels could completely reshape the current geopolitical paradigm that has existed for more than 40 years.” Ms. Harbert went on to discuss how increasing domestic energy production could impact oil markets and gasoline prices.