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Oil prices volatile; Congress predictable
Major U.S. airlines are exhorting frequent fliers to urge Congress to pass the Stop Excessive Speculation Act, aimed at limiting oil speculation. Such limits would help lower fuel prices, supporters say.
On Monday, Sen. Byron Dorgan, D-N.D., and other proponents held a press conference to blame speculators for pushing fuel costs higher. “There is an orgy of speculation,” he said.
But while Dorgan’s outrage was clear, his path to legislative success was not. Senate Democrats are planning a vote Tuesday to end debate and move towards passage this week. But Republicans object, and instead want Congress to open more coastal waters to oil drilling.
Rather than moving towards compromise, the Senate may be on course for another stalemate. Dorgan himself stated the obvious when he concluded: “The Senate isn’t working very efficiently.”
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