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The Senate Tackles Oil

High oil and gas prices are eating away at Americans' incomes, and U.S. lawmakers trying to find solutions. Tomorrow, the U.S. Senate will decide if it wants to consider a bill designed to reign in excessive energy speculation. NBR correspondent Stephanie Dhue examines the bill and a competing piece of legislation.

Highlights of the Legislation

Related NBR Stories & Links

• 06-23-08: The Speculator's Role in the Oil Market
• 06-17-08: The CFTC Heads to The Hill to Announce an Oil Agreement
• 11-06-07: Oil Prices Barrel Closer to $100
• 06-12-07: "XChange, the NBR Blog" - No Free Energy Lunch

External Links/Articles*

• Gas Price Reduction Act of 2008 (PDF Document)
  This links to the "Summary of Provisions" in the bill provided by the U.S. Senate's Republican Conference. As Stephanie Dhue explains in her report, this bill is competing against the Stop Excessive Energy Speculation Act of 2008.
• Hedge Fund Association (HFA)
  The HFA is a non-profit, international group that advocates for the hedge fund industry. Richard Heller, who is interviewed in Stephanie Dhue's report, sits on the board of the Hedge Fund Association.
• Senator Amy Klobuchar
  Senator Klobuchar (D - Minnesota) is interviewed in Stephanie Dhue's report. This links to a June 23, 2008 press release issued by the Senator titled, "Klobuchar Calls for a "Cop on the Beat" to Protect Consumers from Manipulation of Oil and Gas Prices."
• Senator Mitch McConnell
  Senator McConnell (R - Kentucky) is interviewed in Stephanie Dhue's report. This links to a July 16, 2008 press release issued by the Senator titled, "Increase Responsible Domestic Production."
• Stop Excessive Energy Speculation Act of 2008
  This links to "Summary and Bankground" of the bill provided by the U.S. Senate's Democratic Policy Committee.
• U.S. Commodity Futures Trading Commission (CFTC)
  The CFTC is an independent agency created by Congfress "to regulate the commodity futures and option markets in the United States."

*Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.