Bloggers on the call included “Bear” from The Absurd Report, Bruce McQuain fromQuestions and Observations, Geoff Styles from Energy Outlook, Joy McCann from Little Miss Attila, Mark Perry from Carpe Diem, Marlo Lewis from Competitive Enterprise Institute, and Norm Leahy from Bearing Drift
MARK GREEN: Good afternoon, everybody. This is Mark Green from the AmericanPetroleum Institute. Thanks for joining us today. We just heard who was on the line. Hasanybody else joined in, in just the last 30 seconds? OK. Maybe we should just go through againwith you guys identifying yourselves with your blog.(Pause.) Hello?BRUCE MCQUAIN: Bruce McQuain, QandO.MARK PERRY: Mark Perry, Carpe Diem.MARLO LEWIS: Marlo Lewis, Competitive Enterprise.JOY MCCANN: It’s Joy McCann, Little Miss Attila.MR. GREEN: Marlo?MR. LEWIS: That’s right, I’m here.MR. GREEN: Great. And Joy.GEOFFREY STYLES: Geoff Styles, Energy Outlook.MR. GREEN: OK, thanks. Let’s just go ahead and get started. I’ve got my iPad withme today, so if you’re having trouble getting through or hearing or anything like that, pleasedon’t hesitate to email me a question or let me know that you’re listening in and we’ll take careof things as best we can.There’s just a few ground rules for today’s call. To improve audio quality, please muteyour line – that’s star six – when you’re not speaking. Please be open and transparent, respectthe other participants on the call and introduce yourself each time you speak. We’ll post atranscript of today’s call on the
Energy Tomorrow Blog
on Wednesday at the latest.We’re here today to discuss rising gasoline prices. Certainly there’s been a lot of misinformation about some of the key factors figuring into the prices Americans pay at the pump, starting with the president’s regularly repeated line that the U.S. has only 2 percent of theworld’s oil reserves, which is simply misleading in terms of the country’s actual resourcereserves. We’ll talk about that and other related topics today with John Felmy, API’s chief economist, who has an opening statement before we get to your questions.John?