Senators say US report on oil prices is flawed

[DogPoundPup]

Source: International Herald Tribune

WASHINGTON: Four Democratic senators on Thursday asked for an investigation into a U.S. government report on oil prices that the lawmakers said was based on flawed information.

In a letter to the inspector general of the Commodity Futures Trading Commission, the senators criticized an interim study released last month that said fundamental supply-and-demand factors were to blame for the recent run-up in oil prices. The senators said the study, which played down the role of speculation, was based on inaccurate data.

They also questioned the timing of its release.The report was issued a few days before the Senate voted not to move forward on legislation that would have required the commission to set limits on trading in oil markets by investors and speculators.

"The report, which specifically addressed speculation, appears to have been created and released to influence that Senate vote, which would be highly improper, in our view," wrote Sens. Ron Wyden, Byron Dorgan, Maria Cantwell and Bill Nelson.

Democrats have pushed the legislation designed to curb speculation, saying the rapid increases in oil prices have coincided with big rises in trading on oil future markets. Many Republicans have argued that high gasoline prices are caused by the basic economics of supply not meeting demand.

Read more: http://www.iht.com/articles/ap/2008/08/14/america/NA-US-Congress-Oil-Prices.php

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Republican voting records on clean energy

The Center for American Progress Action Fund (CAPAF) released a brief report surveying Republican voting records on renewable energy.

The average participant in the protests to urge drilling in protected coastal areas voted against clean renewable energy 95 percent of the time.
http://current.com/items/89201102_republican_voting_records_on_clean_energy

[Andy823]

1. I agree with them.

Congress needs to pass the bill regulating speculators, and they need to do it now! If they let BS like this report stop them, it will all start over again. I commend these senators for standing up and being heard, they need to fight for an investigation, and keep this bill coming up for a vote till it passes. It should be part of any bill that allows any kind of new drilling!

[alllyingwhores]

2. How did Obama vote on that recent bill?

[rfranklin]

3. Nationalize any oil company that cliams to be American....

would be a good start. Prevent them from taking oil from the U.S. and then selling it back at inflated prices. If our military secures oil supplies in foregin countries, it becomes property of the American people, et cetera.