Senator Collins' Statement on Senate Vote on Energy Speculation Legislation

Press Release

SENATOR COLLINS' STATEMENT ON SENATE VOTE ON ENERGY SPECULATION LEGISLATION

The U.S. Senate today voted against proceeding to consideration of legislation that would address the impact of excessive speculation in energy futures markets on the price of oil. Senator Collins voted to proceed to the bill so the Senate could consider this important legislation, but has also called on the Senate to consider more comprehensive energy legislation next week. Senators Collins and Lieberman have coauthored the "Commodity Speculation Reform Act," parts of which were incorporated into the legislation blocked today.

Following the vote, Senator Collins released this statement:

"Our nation is in an energy crisis. We must set aside politics and work together on a comprehensive strategy to produce more, use less, and pursue alternatives.

"While families are paying more for home heating oil and gasoline, and businesses face failure from high energy costs, there is compelling evidence that speculators are playing a significant role in these sky-high prices. That is why the Senate Homeland Security Committee has held three hearings on this issue and Senator Lieberman and I introduced the ‘Commodity Speculation Reform Act.'

"Excessive speculation on energy markets is just one of many issues we must address to deal with the high cost of energy. I don't believe that the Senate should adjourn for the August recess until we also consider more comprehensive energy legislation that would include provisions to increase production; more funding for LIHEAP; weatherization programs for low and middle-income families; tax incentives for the development of renewable and alternative sources of energy and energy conservation; tax credits for the purchase of wood pellet and clean burning wood stoves; and tax incentives for the purchase of plug-in hybrid cars. I will continue vigorously pressing for these vital proposals."

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