Mar 26, 1999 Testimony of IPAA Member David Bole Before the House Commerce Energy and Power Subcommittee Oversight Hearing on “The Iraqi Oil for Food Program and Its Impact”
Mr. Chairman, my name is David Bole. I am Vice President of Corporate Research and Development for Randall & Dewey, Inc., a Houston-based company that facilitates transactions in the upstream part of the petroleum industry for all segments of the industry – major companies, large and small independents, both public and private. In this business, we have seen the disruptive effects of the current price crisis not only on the stability of this critical portion of the industry but in the direct loss of producers’ equity value. Today, I am representing the Independent Petroleum Association of America. IPAA submits that the current problems facing domestic producers, and potentially significant future problems, are related in large part to the abuse of the UN “oil for food” sanctions program by Saddam Hussein
