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112345 FEDERAL TRADE COMMISSION6789 ENERGY MARKETS IN THE 21st CENTURY10 COMPETITION POLICY IN PERSPECTIVE11 SESSION 2121314 WEDNESDAY, APRIL 11, 200715161718 FEDERAL TRADE COMMISSION19 601 NEW JERSEY AVENUE, N.W.20 WASHINGTON, D.C.2122232425For The Record, Inc.(301) 870-8025 - www.ftrinc.net - (800) 921-5555
 
21 P R O C E E D I N G S2 - - - - -3 MR. SEESEL: Good morning and welcome to the4 second day of the Federal Trade Commission's Conference5 on Energy Markets in the 21st Century, Competition6 Policy and Perspective. I'm John Seesel, the FTC's7 Associate General Counsel For Energy, and I want to8 welcome our audience here at the Conference Center in9 Washington, as well as everyone watching the conference10 on our web cast.11 We are going to start off today with a12 discussion of the transportation sector, past, present13 and future. I'm very pleased to welcome as moderator of14 this panel Clifford Winston, a senior fellow in economic15 studies at the Brookings Institution.16 He will be joined by Terry Penney, the17 technology manager for FreedomCAR and vehicle18 technologies at the National Renewable Energy19 Laboratory; John Felmy, the chief economist of the20 American Petroleum Institute; Samantha Slater, the21 director of congressional and regulatory affairs at the22 Renewable Fuels Association, and David Austin, an23 economist in the microeconomic studies division of the24 Congressional Budget Office.25 Cliff?For The Record, Inc.(301) 870-8025 - www.ftrinc.net - (800) 921-5555
 
31 MR. WINSTON: Good morning, everyone, thank you.2 So, this session is concerned with the goals of3 trying to improve fuel efficiency, reduce vehicle use,4 or VMT as we call it, and reduce congestion. Good luck.5 So, the way we'll proceed is that each of our6 presenters will have 15 minutes. We could have7 questions of clarification, I think, after that, if you8 don't want to wait the whole time. So, if you have any9 questions just clarifying what people said, you can ask10 them then.11 Please introduce yourself every time you ask a12 question so the person who is taking notes will know who13 you are. Following that, we'll have general discussion14 and comments following up on some of your clarification15 questions.16 So, for the speakers, after 14 minutes I'll let17 you know you have a minute left, and then you'll finish18 in that minute, with probability one.19 So, we will begin with our first speaker is20 Terry Penney from National Renewable Energy Laboratory.21 Terry?22 MR. PENNEY: Thanks. Thanks so much.23 The challenge that we have in front of us with24 the vehicles and fuels for the future is daunting. If25 you haven't been to a refinery, I would encourage you toFor The Record, Inc.(301) 870-8025 - www.ftrinc.net - (800) 921-5555
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