Senate deadlocked over energy speculation bill
Senate lawmakers remained deadlocked on Tuesday over legislation to rein in excessive energy speculation, as they haggled over adding amendments to the bill.
Senate Majority Leader Harry Reid on Monday gave Republicans a chance to offer four amendments to the bill, including a measure expanding offshore oil drilling.
A spokesman for Senate Republican Leader Mitch McConnell said the deal was not rejected, but that lawmakers are still working on a deal. Calling Reid’s offer “good progress,” he said they hope to have a deal by the end of this week.
As fuel prices have reached record levels, energy has become a major issue in the November presidential elections. Republicans have been pushing to lift bans on drilling offshore and in the Arctic National Wildlife Reserve.
President George W. Bush called again on Tuesday for Congress to allow drilling off U.S. coasts to increase the U.S. energy supply.
“If we got a problem with not having enough oil, let’s go after some oil right here in the United States of America in environmentally friendly ways,” Bush said in a speech in Cleveland, Ohio.
Democrats have rejected these calls, saying they want the oil industry to use land already available for drilling. They also want to sell oil from the Strategic Petroleum Reserve.
Before tackling any of these issues, however, Reid said the Senate must pass legislation this week extending renewable energy and energy efficiency tax credits.
“The number one issue for the American people is to do something about energy,” Reid told reporters. “And the number one thing we can do about energy that is meaningful, that will create lots of jobs, improve the economy and help the environment, is to do something with the renewables.”
A vote is expected on the tax package on Wednesday.
Reid said he is willing to work with Republicans on passing the speculation bill, but he wants to pass the tax package first. If Republicans block a vote on that bill, Reid said he will not agree to a deal on adding amendments to the speculation bill.
Oil prices fell more than $2 to $122.19 a barrel on Tuesday, after hitting record levels above $147 earlier this month.
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