Senate Debate on Speculation May Also Address Energy

By July 23, 2008Energy

The Senate convenes at 10 a.m. today with talking anticipated to continue on S. 3268, the anti-speculation bill. The Senate did unanimously invoke cloture on the motion to proceed to debate on Tuesday. Key points:

Wall Street Journal, “Bill to Curb Energy Speculation Advances in Senate“:

The bill voted Tuesday would order the regulator of the commodities markets, the Commodity Futures Trading Commission, to eliminate what lawmakers call excessive speculation in petroleum and natural gas by, among other things, limiting the amount of trades by certain market participants.

Unless party leaders reach a compromise in the interim, the next key vote is likely Thursday, when Republicans may block the bill from moving ahead for a final vote if Democrats block votes on proposals to increase domestic exploration and production.

And a good, balanced, fairly reported story from NPR.

Meanwhile, Politico, “‘Gang of 10’ fights for increased drilling“:

Tuesday evening, five Democratic senators met with five of their Republican colleagues to hash out a plan that would include far more drilling — from the land and from the sea — than would be allowed under any current Democratic proposal.

“There’s going to be substantially more drilling and substantially more conservation,” Sen. Mary L. Landrieu (D-La.) said of the plan her moderate colleagues are hoping to cobble together. “Democratic leaders are going to be pushed, and Republican leaders are going to be pushed.”

Sen. Ben Nelson (D-Neb.) said the new “Gang of 10” is just trying to overcome some “strongly drawn” battle lines that prevent party leaders from finding common ground.

“We’re not undermining leadership,” Nelson said. “This is not a coup.”

Good luck.

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