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July 25, 2008

Webb: Republican Filibuster of Bill to Rein in Oil Speculators "Took Away a Golden Opportunity" to Quickly Drop Prices at the Gas Pump

Washington, DC—Senator Jim Webb (D-VA) today commented that Republicans who filibustered legislation designed to rein in market speculators had “taken away a golden opportunity to quickly drive down prices at the gas pump.”  The bill would have provided much-needed regulation in a market that has been flooded with speculative investment since being de-regulated in 2000, causing oil prices to reach unprecedented and unnatural highs. 

 

“This isn’t simply a supply and demand problem, as the Republicans are characterizing it,” said Webb.  “When this Congress voted to go into Iraq in 2002, oil was $24 a barrel.  It was recently above $145 a barrel.  No one would try to claim that demand has gone up six times in the last six years or that supply has been reduced to that extent.  The oil speculators are out of control, in a market that was not designed for large-scale speculation.  We could have fixed that with this legislation.”

 

Noting that the Republican filibuster was based on that party’s demand for votes on other energy issues such as offshore drilling, Webb commented, “I would like to see comprehensive energy legislation. I have repeatedly committed myself to working on a national energy strategy that includes a fresh look at nuclear, clean coal, offshore exploration and drilling, plus a renewed focus on conservation and alternative energy technologies. But this legislation was not the place for it.

 

“This legislation was designed as a necessary first step to correct a practice that has been both costly and unfair to American consumers, before we begin to address these other issues.  Even many of the top oil company executives agree that oil market supply and demand are the same as when oil was $60 a barrel.  In fact, Exxon Mobil’s senior vice president recently said that the price of oil should be about $50 to $55 a barrel.”

 

Webb is calling for the Senate to reconsider the oil speculation issue in a new series of votes.  “We should not let this issue slide off the legislative calendar simply because of the recalcitrance of the other side.  It is too important to American consumers,” he concluded.

 

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