Senate moves ahead with oil speculation bill
Story by The Associated Press
10:48 a.m. Wednesday, July 23, 2008
Congress pushed forward a plan to curb speculation in oil markets.
That speculation is partly to blame for high oil prices.
Tuesday, the Senate passed a bill that could stop that.
The bill would require regulators to set limits on trading by investors.
Democrats pushed for the plan, but Republicans will likely block the measure because they say it will have little, if any, effect on prices.
They say Congress should instead lift a ban on offshore drilling.
Minority Leader Mitch McConnell describes speculation as a "very narrow part of the problem." And he says, "Nobody can say with a straight face" that addressing speculation is a "serious approach."
Given Democrats' refusal to permit a vote on more exploration, Republicans are likely to ultimately block the measure unless they're permitted to offer more amendments. The Senate fight could go on for several days.
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