Etheridge energy bill in the fast lane

bniolet — Mon, 23 Jun 2008 16:03:48 -0400

The U.S. House of Representatives appears to be fast-tracking U.S. Rep. Bob Etheridge’s bill (HR6334) to crack down on any oil market manipulation or excessive speculation that might be going on in the energy commodities markets.

Etheridge introduced his bill Friday. He held a news conference on it today. Tomorrow, the House Agriculture Committee will hold a hearing. Then a committee vote. A vote on the full House floor could come as soon as Wednesday.

Such speed is virtually unheard of in Congress unless leadership wants to push something through quickly, Barb Barrett reports. With gas prices jumping an average 10 cents a gallon in the past two weeks, Congress is working hard to prove that it is responding to public outcry.

It’s unclear what effect Etheridge’s bill might have on oil prices.

But over in another House committee hearing today, oil trading experts predicted that regulation could have an immediate impact on prices.

One oil analyst told Congress that global crude oil trading regulation "would significantly curb speculation and could burst the current oil price bubble."

A similar bill has been introduced in the Senate by U.S. Sen. Richard Durbin of Illinois, a Democrat.

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Etheridge energy bill in the fast lane