WASHINGTON, May 16, 2007 - API chief economist John Felmy presented testimony to the House Judiciary Committee’s Antitrust Task Force at its hearing on “Prices at the Pump: Market Failure and the Oil Industry.” Felmy said, “The contention that higher prices are driven by market failure or market manipulation… is not credible. The prices are a symptom of larger energy challenges facing the nation and must be addressed in other ways.”