‘Future of oil’ in focus in Congress

House panel scrutinizes industry oil forecast and sees 30% increase in demand over next two decades.

NEW YORK (CNNMoney.com) — Experts projected that demand for energy will continue to grow and called for the use of biofuels and other measures to respond to the nation’s energy crisis, at a committee meeting in Washington, D.C., on Wednesday.

“The heat has slowly been turned up on the American consumer and now they are being boiled alive,” said Rep. Edward Markey, D-Mass., chairman of the Select Committee on Energy Independence and Global Warming. “The same can be said for our planet. A fundamental change is needed in the way America uses energy.”


“We cannot drill our way out of this crisis because we simply don’t have the reserves,” said Markey, adding that demand will increase 30% over the next two decades.

Markey said that Americans should be using more hybrid cars, biofuels and public transportation.

CNN