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Bill To Curb Speculation On Oil Fails

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The Associated Press

Published: July 31, 2008

WASHINGTON - Congress appeared deadlocked Wednesday on responding to the nation's energy problems amid a bitterly partisan rift over whether to open long-restricted offshore waters to oil and gas drilling.

A Democratic proposal to counter oil market speculation fell victim to the drilling dispute, failing 276-151. That was nine votes short of the two-thirds needed for approval because the measure had been offered under expedited rules imposed by the Democrats to avoid GOP attempts to attach an offshore drilling provision.

A Senate bill, also aimed at curbing abuses in the oil markets, has been stalled for two weeks. Republicans have insisted it be opened to votes on a variety of other energy issues, principally offshore oil and gas drilling in areas long under bans because of environmental concerns.

"This is no substitute for a real bill on drilling," declared House GOP leader John Boehner of Ohio, who accused Democrats of using the oil market speculation measure to "divert attention" from their refusal to allow a vote on offshore oil drilling.

The House bill would have given new authorities to the Commodities Futures Trading Commission to oversee oil markets, to increase the agency's staff and to set new requirements on certain trading.

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