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House GOP Blocks Drilling Bill

Posted on: Friday, 18 July 2008, 09:01 CDT

Energy bills in the U.S. Congress took two paths as the House of Representatives shot down a drilling bill while the Senate readied a bill to curb speculators.

Senate Majority Senator Harry Reid, D-Nev., laid the groundwork to begin debate on a bill that would curb speculation in the oil markets, which members of both parties have said is partially to blame for the jump in oil prices, The New York Times reported Friday.

The measure, up for a crucial test early next week, would give the Commodities Futures Trading Committee more staff and new authority to pursue suspected cases of excessive speculation. It also would force traders using foreign exchanges to adhere to U.S. regulations, among other things.

House Republicans, meanwhile, blocked Democrats' efforts to force energy companies to drill for oil on land they already lease from the U.S. government.

On a 244-173 vote, Democrats fell 30 votes shy of bringing a measure to the floor that would have forced companies to explore for oil where drilling has been sanctioned instead of opening up new, protected areas, such as the outer continental shelf, the Times reported Friday.

Opponents said the legislation could hamper domestic exploration because it would bar oil companies from getting new leases if they weren't working existing holdings. They also argued that current technology makes drilling less of an environmental threat.

Source: United Press International

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