The Hill newspaper has this news
Reid: No drilling votes in debate over oil speculation
By Manu Raju
Posted: 07/14/08 04:07 PM [ET]
Senate Majority Leader Harry Reid (D-Nev.) said Monday that he would not allow a vote on an amendment giving states new authority to seek oil off their coasts when he brings a Democratic energy bill to the floor later this month. . . .
“We want oil and gas companies to drill on the leases they’ve been given,” Reid said.
He added that oil companies should report to Congress their activities on their leased land and said Congress will invest in renewable energy by pushing through a stalled package of expiring tax incentives.
Democrats blame market speculators on oil industry futures for playing a role in propping up energy prices, and are drafting a bill targeting the practice, which will be unveiled Wednesday. When the Senate votes on that bill, as soon as this month, Reid said he would not allow amendments dealing with oil drilling, which the Republicans will almost certainly seek.
"I said and was very clear that we need to focus on issues of specific matters," Reid said.
The reaction puts Democrats in line with their presidential candidate, Sen. Barack Obama (Ill.), who opposes lifting the offshore-drilling ban. Sen. John McCain (R-Ariz.) reversed his longstanding support for the ban, and has said that boosting supplies will help bring down soaring gas prices. . . .
Labels: Energy, Environment, speculation