June 27, 2008

Washington, DC—Nevada Senator Harry Reid made the following statement today after Senate Republicans blocked an effort to address rampant speculation in the energy markets.  The Energy Markets Emergency Act would have directed the Commodities Futures Trading Commission (CFTC) to use all of its authorities to ensure the market price for energy commodities accurately reflects supply-and-demand forces and is not warped by excessive speculation:

“For the fifth time in less than a month, Senate Republicans have run away from an opportunity to help Americans suffering from record-high gas prices at the height of the summer driving season.  Today, the Republicans who feign such great concern about energy prices blocked a Democratic bill that would help rein in rampant speculation in the energy futures markets, even though the House overwhelmingly and passed the bill in a bipartisan fashion yesterday by a 402-19 vote.

“Even as oil broke yet another record today – closing at $140 a barrel – Bush-McCain Republicans still refuse to govern, squandering these opportunities the same way they have blocked so many other chances to help struggling Americans.  When these Republican Senators pass their local gas stations back home next week and see the record-high prices on the board, I hope they reconsider their “wait-and-see” strategy and start working with us to bring down prices soon.”