July 22, 2008 – 12:27 p.m.
The Senate took its first step Tuesday to debate legislation that would tighten policing of energy futures markets.
By 94-0, senators agreed to limit debate on the motion to consider the legislation, which is designed to curb speculation in energy markets. But that simply reduced the time for debate on the motion to 30 hours, and there was no deal in sight to cut out that step and start work on amendments.
Democrats have positioned the bill as a first step toward bringing down gasoline prices. But Republicans say the measure is too narrow. They want a chance to offer multiple amendments aimed at increasing domestic oil and gas drilling.
Minority Leader
They say the Democratic measure, which would increase staffing at the Commodity Futures Trading Commission (CFTC) and place more regulations on energy futures trading, would do little to address imbalances of supply and demand.
“We have offered Republicans a chance to vote on not just speculation, but the issue they’ve talked about for weeks: allowing state governors to decide on offshore drilling,” Majority Leader
Under Reid’s offer, each measure would need 60 votes to prevail. This scenario could prove divisive for Democrats, as there is increasing support for expanded exploration among party members.
Republicans said they want a full and open debate on energy policy, including more domestic oil and gas exploration.
“My conference is interested in a solution,” McConnell said. “We’re not interested in holding a pair of votes so that we can go home with the political cover to blame the other side for our collective lack of accomplishment.”


