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On February 1, 2006, Energy Program Director Tyson Slocum spoke before the Senate Judiciary Committee on the contribution of recent corporate mega-mergers to high gas prices. He focused on how recent oil company mergers have diminished competition, leading to higher prices for consumers, and how uncompetitive practices by oil corporations are a cause—and not OPEC or environmental laws—of high gasoline prices. Since 2001, the five largest oil refining companies operating in America—ExxonMobil, Valero, ConocoPhillips, Shell and BP—have recorded $273.5 billion in profits. Mr. Slocum urged Congress to impose a windfall profits tax on oil companies, and to reform the royalty system for companies drilling for oil and natural gas on public land. Click here for Mr. Slocum's full testimony.


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