Senate Republicans Block Vote On Oil Prices

Press Release

Sanders Warning on Speculators: ‘They're Back!'

Senate Republicans today blocked consideration of an amendment by Sen. Bernie Sanders (I-Vt.) to require federal regulators to use emergency powers to curb oil price speculation.

"What are they afraid of? Who are they trying to protect?" Sanders asked.

"There is mounting evidence that the run-up in oil prices has little to do with the fundamentals of supply and demand and everything to do with excessive speculation by some of the same Wall Street firms that received the largest taxpayer bailout in the history of the world," Sanders said. "They're back," he warned.

"Not having caused enough damage driving our country and much of the world into a deep recession, now they're back into their speculation games jacking-up oil prices which are having an enormously negative impact on consumers all over our country," he added.

The amendment would require the Commodity Futures Trading Commission to use emergency powers to prevent the manipulation of oil prices.

Among the Wall Street firms that stand to benefit by unregulated speculation is Goldman Sachs, the leading trader of oil and gas derivatives in the United States. The Guardian reported on Sunday that "staff at Goldman Sachs can look forward to the biggest bonus payouts in the firm's 140-year history after a spectacular first half of the year."

Sanders' amendment was cosponsored by Sens. Bill Nelson (D-Fla.) and Mark Begich (D-Alaska). The House of Representatives last July passed an identical bill by a vote of 402 to 19, but it did not become law.

Sanders thanked Majority Leader Harry Reid (D-Nev.) for trying to work out a compromise with the Republicans. Under a proposed agreement, Republicans would have been able to offer as many as five amendments if they agreed to a single roll call vote on the Sanders-Begich-Bill Nelson amendment. "That's not fair. It's not reasonable. It's only an excuse for Republicans to, again, stymie legislation," Reid said of the Republican stalling tactics.

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