When our country is in crisis, Congress must be ready to take immediate action.  Democrats in Congress have tried to take action again and again.  We have proposed both short- and long-term solutions: short-term solutions to bring down gas prices now, and long-term solutions to attack the root of the problem: our growing addiction to oil:

First – we end the billions of dollars in tax breaks for big oil companies whose executives have been hauling record profits while we pay record prices.

Second – we force the oil companies to do their part by investing some of their profits in clean and affordable alternative energy.

Third – we protect the American people from price gougers and greedy oil traders who manipulate the market.

And fourth – we stand up to OPEC and countries who are colluding together to keep oil prices sky-high.

Unfortunately, Republicans have not been willing participants in the legislative process.  They have taken their cues from the President and the Republican nominee that the solution to gas and oil prices starts and ends with more offshore drilling.

Democrats have made it clear that we support more domestic production. That is certainly part of the answer.  But it’s only one part.

Republicans would like us to believe that the moment we open up more of our coast to the oil companies, gas prices will come tumbling down.  The truth is, it would take years – even decades – for offshore oil to be explored, drilled, and distributed.  It would do nothing whatsoever in the short term.

We have expressed our willingness to consider more drilling as part of a comprehensive short- and long-term package, but Republicans so far have not been willing to entertain other solutions.  This week we are debating legislation that would have an immediate impact on gas prices: legislation to rein in Wall Street traders who are unfairly driving up oil prices.

These traders have no regard for the well-being of American families.  The only thing they care about is their own profits – which they secure by bidding up the price of oil, buying huge quantities just to sell at an even higher price.  They have no plan to actually use the oil they buy.  All they want to do is buy, sell and repeat – leaving American families to pay the bill.

Not all speculation is bad.  Sometimes it helps the market determine a fair price for a commodity.  But speculation in the oil market has gone on throughout the Bush Administration with virtually no oversight, and it has gotten out of hand.  Experts say this speculation is responsible for 20 percent to 30 percent, even as much as 50 percent of the price we pay at the pump.

Democrats have proposed legislation – the Stop Excessive Energy Speculation Act – that will set fair and reasonable oversight on this out-of-control trading.  Republicans have said in speeches and press conferences that they agree with us that excessive speculation is a major problem.  It stands to reason that this could be a chance for Democrats and Republicans to work together.  But so far, we’ve seen more of the same from the Republican side: nice rhetoric, no action.

We have offered Republicans a chance to vote on not just speculation, but the issue they’ve talked about for weeks: allowing state governors to decide on offshore drilling.  We have made it clear that we are willing to compromise and work together on energy legislation that both sides can live with.  They can offer their drilling amendment, and we would offer our own alternative.  Both measures would receive a vote.  That is how the legislative process is supposed to work.

This latest Republican obstruction tactic has left us with no choice but to file cloture to proceed to our speculation bill.  Otherwise, this important issue would fall off the legislative map.  By forcing us to file cloture, Republicans are wasting precious time when prompt action is desperately needed.  Perhaps during these 30 hours we must now spend on cloture, Republicans will decide to vote on speculation and vote on drilling.  The American people will certainly be waiting to see whether Republicans are willing to take yes for an answer – and legislate on the energy crisis.

This entry was posted on Tuesday, July 22nd, 2008 at 11:16 am and is filed under Uncategorized .