Senate rejects offshore drilling bill

United Press International ^ | May 13, 2008 | United Press International

[353FMG]

“We need to keep hammering that away to every American.”

Say what? The average American wouldn’t know what you are talking about.

[Sioux-san]

I got this today from the lame-brained Senator Carl Levin of my poor State of Michigan - nothing about energy independence or increasing our nuclear and low-sulfur coal production - we truly are doomed with these so-called leaders at the helm: --------- I want to share with you a speech I gave in the Senate today regarding soaring energy prices. Record high gas and diesel prices have reverberated throughout our economy, hitting the pocketbooks of ordinary Americans and inflating the price of everything from food to manufactured goods. Action is clearly needed to combat these skyrocketing energy prices which are a threat to our economic and national security. During the past few years, both as Chairman and as Ranking Member and of the Senate Permanent Subcommittee on Investigations (PSI), I have led a number of investigations examining U.S. energy markets and rapidly rising oil and gasoline prices. As a result of these investigations, I have been advocating a number of measures to address the rampant speculation and lack of regulation of energy markets, which have greatly contributed to the recent run-up in fuel prices. Four specific policies should be immediately adopted to combat the absurd prices Americans are paying at the pump. These policies are contained in the Consumer-First Energy Act of 2008 (S.2991), which was introduced by Senator Harry Reid (D-NV) on May 7, 2008. I am an original cosponsor of this important legislation. First, we need to put a cop back on the beat in all energy markets that affect the U.S. in order to prevent the excessive speculation and price manipulation that drives up the price of a barrel of oil. The trading of contracts for the future delivery of oil and gas has increased six-fold since 2001. Much of this increase can be attributed to speculators, who buy and sell futures contracts for crude oil and leverage them just to make a profit, creating an artificial “paper demand” that does not accurately reflect actual market conditions. While the Commodity Futures Trading Commission (CFTC), the main federal regulator charged with policing U.S. energy commodity markets, has the authority to regulate certain commodity markets, it cannot police one of the biggest energy markets due to the “Enron loophole,” a provision in law that exempts electronic energy exchanges from government oversight. In September 2007, I introduced legislation (S.2058) that would close the Enron loophole and regulate electronic energy markets. In December 2007, I was able to successfully work with my colleagues to insert language from S.2058 into the Farm Bill that was passed by the Senate on December 14, 2007 (H.R.2419). Last week, the House and Senate conferees on the Farm Bill reached agreement to include our legislation in the final Farm Bill. I am hopeful that Congress will finally pass this important legislation – and the President will sign it – shortly. The Consumer-First Energy Act contains a provision to close another loophole in the regulation of our energy markets. One of the key energy commodity markets for U.S. crude oil, gasoline, and heating oil is now located in London, outside the reach of U.S. regulators. This means that traders can avoid our government’s limits on speculation and reporting requirements by using the London exchange. The Consumer-First Energy Act includes a provision to stop rampant speculation and increase our access to timely and important trading information and ensure that there is adequate market oversight of the trading of U.S. energy commodities no matter where the trading occurs. This provision is so important that I have introduced this provision as a separate bill, S. 2995. Another policy that should be implemented to help alleviate some of the upward pressure on oil prices is the suspension of the filling of the Strategic Petroleum Reserve (SPR). In 2003, the Permanent Subcommittee on Investigations released a report showing that the Bush Administration’s policy of placing large deposits of oil into the SPR was increasing prices but not overall U.S. energy security. For the past few years, over repeated objections from its own experts at the Department of Energy (DOE), the Administration has continued to fill the SPR regardless of the price of oil or market conditions. Given the fact that the SPR is more than 95 percent full, it makes little sense to be filling the SPR when the price of a barrel of oil is hitting record highs on a daily basis. That is why I have co-sponsored a bill (S.2598) to suspend the SPR fill for one year, or until prices fall to more acceptable levels, whichever comes first. Passing this legislation will save the taxpayers money and relieve some of the pressure on the oil markets that is driving prices relentlessly higher. While closing the Enron loophole and temporarily stopping the filling of the SPR will help lower energy prices in the near-term, we need to develop a long-term, comprehensive energy plan to decrease our reliance on oil. By investing in new technologies and alternative energy sources, we will significantly reduce our dependence on foreign oil. I have long been a supporter of advanced automotive technologies such as hybrid electric, advanced batteries, hydrogen and fuel cells and promoted development of these technologies through federal research and development and through joint government-industry partnerships. The federal government must do its part first to develop these technologies so that they will then in turn be within reach of the American public. Finally, while the American consumer is increasingly burdened by record prices at the pump, major oil companies have been reporting record-breaking profits. Instead of utilizing these windfall profits to develop new technologies or boost production, these companies have been buying back shares to inflate their earnings and reap further profits. I have supported windfall profits taxes in the past, and I will continue to support them in order to encourage the sensible use of oil company resources. These four common sense policies could do a great deal to lower energy prices and alleviate some of the pressure the average American is feeling in this difficult economy. If you would like to learn more about the Consumer-First Energy Act, or view my statement on actions we should take to lower oil and gas prices, I encourage you to click on the following link . Sincerely, Carl Levin

[Eric Blair 2084]

How could this happen?

The demand for energy is so high from emerging economies in China and India, but environmental wackos won't let Americans drill for oil, build refineries or nuclear plants.

Let's convene a Senate committee hearing and blame Big Oil. Maybe the sheeple will blame it on them.

[diverteach]

Election year politics as usual. As gas prices rise, the pubbies can say “Look at the bill we introduced that the RATS shot down that would help curb rising gas prices”.

In all actuality though, long term, yes, by all means drill. But in the short term, the FED needs to raise interest rates.

[jonrick46]

I'll go with the cellulosic ethanol process only. The question I have is, have they created a cellulosic ethanol process that is competitive with $7.00/gallon gasoline once the production plants have been built with a viable system for breaking down cellulose?

I don't see ethanol being produced using the cellulosic method in the next five years. In the mean time, gasoline will continue on its upward trend, encouraged by the DemonRATs who want to throw us out of our cars.

You forgot one other option: biodiesel from algae. It seems as if those who are so hooked on ethanol have been pickeling their brain cells by drinking from the same batch fueling their cars. It is time that the possibility of filling up car and the booze bottle from the same pump be given a swift boot.

Now for a real world solution: an algae production process has been perfected that has the potential for making fuel grade diesel at a rate of 100,000 gallons an acre. So sad it couldn't be good for drinking.

[jonrick46]

It would be nice if some paragraphs could break up this great information.

[Just A Nobody]

It’s here - http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00123

YEAs — 42
all republicans except Landrieu (D-LA)

NAYs — 56
all demonrats except:
Coleman (R-MN)
Collins (R-ME)
Dole (R-NC)
Martinez (R-FL)
Smith (R-OR)
Snowe (R-ME)

NOT VOTING — 2
Inhofe (R-OK)
McCain (R-AZ) — unavailable since he was out roaming the country with an entourage burning up countless gallons of gasoline while campaigning on the gloBULL warming myth. But everyone knew how he would vote since he has voted against drilling in ANWR every chance he has had.

[Eric Blair 2084]

Why does the fed need to raise rates?

Do you have a problem paying 45 Euros for a margharita in France? What the heck are you doing in France anyway?

[Cobra64]

I'm confused. The title and text of the Bill concerns itself with:

"Flood Insurance Reform and Modernization Act of 2007"

[death2tyrants]

“when the McCainiacs come screaming...”

With profanity laced posts? The only ones I see are backing McCain to prevent Obama from being elected. McCain has voted for drilling off the Gulf of Mexico. How’d Obama vote?

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=2&vote=00219

[Cobra64]

I'm confused. The title and text of the Bill concerns itself with:

"Flood Insurance Reform and Modernization Act of 2007"

[MNJohnnie]

"We can't drill our way out of this problem," said Sen. Richard Durbin, D-Ill. "We can't drill our way to lower gas prices."

Yeah actually we can you stupid twit. What reckless Demagogues the Democrats are. Do EVERY single thing thing in their "Energy Plan" and gas prices will go UP because we will cripple domestic Oil Production forcing the USA to import more.

The Democrat Party is the wholly owned subsidiary of the Green Lobbyists. For 30 years we have been hearing this same stupid crap from Democrats.

Past time the American People say "Bitching Loudly while Doing Nothing Democrats is NOT a plan"!

[MNJohnnie]

Not one thing in that stupid letter of Levin will reduce gas prices even $.01. In fact the Democrat plan would encourage Oil companies to curtail domestic production to avoid the taxes.

[MNJohnnie]

Durbin is either the stupidest senator ever or a liar or both.

I vote all the above.

[MNJohnnie]

There has got to be OPEC oil money being shoveled into the US “Environmental” groups via cut outs. There is no way this influence buying lobby with their mega bucks and their suicidal dogmas and massive political influence is not a conscious product of the Oil Sheiks. Our “Greens” are the best friends the Arabs could find. Cripple any real options for the USA so we stay hooked on OPEC.

[weegee]

So it is better to buy oil from the Gulf Coast from Mexico?

I think we should send our gas bills to those limousine liberals on the California coast who don't want oil wells spoiling their precious sunset views from their coastline mansions.

[Just A Nobody]

It is very confusing. They put a number of items in a bill that has nothing to do with the title of said bill.

Try this link: http://www.senate.gov/legislative/LIS/roll_call_lists/vote_menu_110_2.htm

You can read each of the amendment contents and try to decipher the rhetoric. Good luck!

[Just A Nobody]

It is very confusing. They put a number of items in a bill that has nothing to do with the title of said bill.

Try this link: http://www.senate.gov/legislative/LIS/roll_call_lists/vote_menu_110_2.htm

You can read each of the amendment contents and try to decipher the rhetoric. Good luck!

[CDB]

"We can't drill our way out of this problem," said Sen. Richard 'Turban' Durbin, D-Ill. "We can't drill our way to lower gas prices."

This has to be the stupidest quote of 2008. McCain should bombard the airwaves with the dumb statement. Can't you just hear all of the "leaders" in the countries that hate us laughing their butts off?

[Beloved Levinite]

Here’s where a LACK OF LEADERSHIP in the White House “comes home to roost.” I think GWB is a geat man in many ways, however he is VERY WEAK on educating & communicating with the American people. He should be taking this issue to the American public via a series of press conferences or “town halls” to educate on how we need to start implementing new fuels policies (oil, coal, nat. gas....nuc-U-lar power) so we can greatly reduce our dependence on foreign oil. Explain how our dependency issues trumps the environmental issues. (ie: madness)

Screw the damn Dems. Take it to “We The People,” Dubya!!