| Summary: | In the spring of 2006, crude oil prices were exceeding $70/barrel (bbl) in response to tight markets and uncertainty over the security of world oil supply. A number of developments have placed additional pressure on world markets, including Hurricanes Katrina and Rita (in late August and late September 2005), the phaseout of the gasoline additive methyl tertiary butyl ether (MTBE) and a renewable fuels mandate, and a continuing high and worldwide demand for oil. Energy policy issues for continuing interest include opening up the Arctic National Wildlife Refuge (ANWR) for leasing; Corporate Average Fuel Economy Standards (CAFE) for passenger vehicles; improving U.S. energy infrastructure, including pipelines and refineries; seeking effective means to promote energy conservation using currently available technologies, and developing new technologies and alternative fuels.
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