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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (36956)	7/30/2008 10:46:31 AM
From: Ann Corrigan	Respond to of 224750

Good for Reid..stopped clock analogy applies.

To: Kenneth E. Phillipps who wrote (36956)	7/30/2008 12:45:13 PM
From: Geoff Altman	Read Replies (1) \| Respond to of 224750

Reid does have a bill to allow increased drilling His bill is typical of most bills, it's crammed with a bunch of crap that no one wants....except Reid.

To: Kenneth E. Phillipps who wrote (36956)	7/30/2008 2:25:17 PM
From: Geoff Altman	Respond to of 224750

By Madhu Unnikrishnan/Aviation Daily Senate Majority Leader Harry Reid (D-Nev.) used his prerogative as majority leader to move a bill to stop oil speculation directly to the Senate floor, but the chamber's Republican caucus yesterday blocked debate on the bill. The bill, S.3268, which Reid introduced Tuesday evening, would order the Commodities Futures Trading Commission (CFTC) to clamp down on speculative trades in the oil markets. The bill wouldn't ban all trades: Sen. Richard Durbin (D-Ill.), one of the bill's co-sponsors, told reporters that it would only ban trades that do not go to an end user, or consumer of oil. "Traders are bidding up the market," Reid said and stressed that although speculators are not "the problem&hellipit's where we're starting." Republican leaders objected to starting debate on the bill, which could force the majority leader to file for cloture on the measure, Stephen Krupin, a spokesman for Reid, told The DAILY. Republicans are considering a parallel measure that would expand exploration and drilling for oil on U.S. territories. Sen. Charles Schumer (D-N.Y.), also a co-sponsor of Reid's bill, countered the Republican move by saying, "We can't drill our way out of this problem." "Oil prices are completely disconnected from supply and demand," said Sen. Byron Dorgan, (D-N.D.), who last month introduced a version of this bill. The bill would require the CFTC to distinguish between "legitimate" and "non-legitimate" trades and would raise the margin position limits on the latter. This would curb speculation, said Byron, who is a co-sponsor of the legislation. The U.S. Air Transport Association applauded the bill. "This bill is good for Americans and the U.S. economy, and it is a good first step toward ensuring that formerly 'dark' over-the-counter markets will now be required to do business in the sunshine and ensure that no one entity unduly controls the market,” ATA President James May said in a statement. ATA last week launched the Stop Oil Speculation Now coalition to solicit public support for congressional action to end speculation in the oil markets (DAILY, July 14). But economists and independent energy watchdog groups say speculative investors play a limited role in the price of oil. The International Energy Agency last month said that blaming speculative investors is more politically expedient than rooted in sound economics. aviationweek.com