House Republicans Block Democratic Effort on Oil Leases as Senate Begins Debate on Oil Speculation Bill. By Carl Hulse, NYTimes, July 18, 2008. "House Republicans on Thursday blocked a Democratic effort to pressure energy companies into drilling for oil on lands [they've] already leased... calling the legislation a sham. As the fight over gasoline prices reached the floors of both the House and Senate, the Democratic initiative to spur exploration in areas where drilling has been sanctioned fell short of the margin needed under [the] rules... even though it drew majority support. The vote was 244 to 173, more than 30 votes less than required. Rejecting the measure were 162 Republicans and 11 Democrats; 218 Democrats and 26 Republicans supported it. Democrats used rules requiring a two-thirds majority for approval to deny Republicans an opportunity to offer their own proposal... In the Senate, Senator Harry Reid of Nevada, the majority leader, took steps to start debate on a measure intended to curb speculation in the oil markets, trading that members of both parties have said is the cause of at least some of the jump in oil prices. The measure, which faces a crucial test vote early next week, would provide new staff members and authority to the Commodities Futures Trading Committee to pursue suspected cases... seeks to force traders using foreign exchanges to follow U.S. regulations [and] calls for new limits on the futures contracts that can be held by those who are not commercial producers and buyers of actual petroleum products for future delivery. Senate Republicans support elements of the Democratic bill and may not stand in the way of its full consideration. But they are pressing for an opportunity to offer amendments like one opening the coast to new exploration."
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