Tuesday, July 8, 2008

Senate No Action On Oil and Commodities Market

On the first day back in session, after their 4th of July vacation, Sen Reid successfully blocked the House Bill giving the CFTC more regulatory power to investigate the commodities market for suspected manipulation of oil prices. As the price per barrel started to fall, from $145 over the weekend to $136 this morning, Sen Reid objected to further action being taken on the bill. Subsequently the bill was placed on the calender for future action. This does 2 things, a) blocks debate and further action for an undetermined amount of time, b) sends the message to speculators and the CFTC that Congress (Senate) is not serious about oil prices.

Coincidentally, not long after Sen Reid's action on the floor the oil prices stabilized and started to rise again. By noon the Senate went into recess and made no mention of the Bill working its way through the Senate supporting offshore drilling. Another unfulfilled promise by this Democratic led Congress.

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