As I noted yesterday, Republican Senators have decided to stop any work in Congress until Democrats agree to allow increased drilling. Today they followed through.
Legislation to rein in excessive energy speculation failed a key procedural vote on Friday to move forward in the Senate, and now lawmakers will set aside the bill to consider other legislation.
Senate Republicans strongly opposed the bill because it focused only on speculation, and they argued the legislation should be modified to also boost U.S. oil production by allowing more offshore drilling and developing vast oil shale fields in the West.
Republicans said tight petroleum supplies that were unable to keep up with demand were the cause of high energy prices.
"Americans are insisting we do more. They want us to do something to cut the price of gas and lessen our dependence on Middle East oil," said Senate Republican Leader Mitch McConnell.
"And so I ask my friends (Democrats) on the other side the same simple question I asked them yesterday: If you won't act now, with dialysis patients cutting back on treatments because of high gas prices, when will you? What is it going to take?" McConnell said.
Only one "Republican" sided with the Dems on this one. Any guesses? You are correct. Olympia Snowe sided with the party that she should be representing.
The bill that was defeated today would have increased government bureaucracy and regulation of the free market, and served to stifle economic freedom. By the way, could anyone tell me what "excessive energy speculation" is? Who decides that? Who gave government that power?
*CFTC must publish reports that provide the number of positions and total value of index funds, and other passive, long-only and short-only investors in energy and agriculture markets;
*Conditions will be set for granting hedge exemptions from position limits, mostly for commercial purposes;
*Authorizes 100 new CFTC employees to monitor markets;
*CFTC will report on impact on over-the-counter markets from position limits on exchanges;
*Reporting will become mandatory for over-the-counter trading of look-alike agricultural and energy contracts.
Score one point for freedom.
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