"Today, as the price of oil reached an intraday trading record high of $140, House Democrats took action to help Americans at the pump here and now, and ensure American energy independence for years to come.
"First, we put oil speculators on notice. In an overwhelming vote of 402 to 19, the House by passed legislation to direct the Commodity Futures Trading Commission to use its emergency powers to take immediate action to curb speculation in energy markets. Experts have testified this week before Congress that the explosion of speculation in the oil futures market could
be driving up prices from $20 to $60 per barrel. Oil speculators are making money by betting against the American consumers at the pump.
"We also overwhelmingly passed legislation to lower fares for mass transit and expand services for commuters literally forced from their cars by the price at the pump. Investing in public transit is a key component of a clean and green American energy future.
"Unfortunately, Republicans blocked 'Use it or Lose it' legislation to compel the oil industry to start drilling on the 68 million acres of leased but undeveloped federal oil reserves which they are currently warehousing.
These lands could nearly double U.S. oil production and cut oil imports by one-third.
"Once again, Republicans voted with President Bush and Big Oil to keep domestic supply lower and prices higher. Earlier this week, in a party line vote, Republicans stopped Democratic efforts to empower the Federal Trade Commission to go after price gougers at the wholesale and retail level.
While Democrats have worked to take our country in a New Direction of energy independence, Republicans remain addicted to the failed energy policies of the past.
"One year ago, on the occasion of America's Independence Day, Democrats unveiled our comprehensive initiative to declare America's energy independence, passing historic energy legislation to increase fuel efficiency standards. As we approach this Independence Day, we renew our commitment to a New Direction for energy independence."
SOURCE Office of the Speaker of the House
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