“I’m extremely disappointed that the Senate today failed to close off debate on this anti-speculation bill. This is a missed opportunity.
Unfortunately, there are some who refuse to allow the Senate to move forward with speculation legislation unless Congress agrees to lift the ban that protects our shores from offshore drilling. They’re willing to sacrifice our nation’s energy markets and put in jeopardy our precious coastlines for the sake of oil that we wouldn’t see any time in the near future. This is a serious mistake.
There is no correlation between giving energy companies new access to drill and lower prices. Federal agencies have increased the rate of issuing new permits to drill on public lands and on the Outer Continental Shelf by 361 percent over the past eight years. Yet oil prices have increased six-fold and the price at the pump has nearly tripled.
I urge my colleagues to drop their opposition to this speculation legislation. Bottom line: we need to clamp down on excessive speculation in the short-term, and invest in cleaner and greener energy sources for the long-term. There’s no time like the present.”