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Jamie Dupree's Washington Insider

Posted: 5:21 p.m. Tuesday, June 24, 2008

Going Backwards On Oil In Congress 

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By Jamie Dupree

If you really thought that somehow the Congress would make strides this week on the oil and gas legislative front, then maybe you should get in the car and see if you can find gas for under $3.50 a gallon.

 

It was hardly one step forward and two steps back, as both sides lobbed enough verbal and political grenades to keep everyone's blackberry's humming well into the night.

The day started with Democrats deciding to delay efforts to put together a bill on oil futures market trading, as backers said they needed more time to study the issue. 

On Monday, a panel of oil analysts told a House committee that action by Congress to reign in oil futures trading was desperately needed.  Then on Tuesday, representatives of some of the actual oil markets told Senators that idea was ridiculous and wouldn't bring down oil prices one bit.

Meanwhile, Democratic leaders in the House were making it clear that they aren't interested in lifting the ban on offshore oil and gas exploration in an effort to find ways to keep oil prices from going up more.

That came as the House and Senate Appropriations Committees put off votes on spending bills that usually include a yearly ban on new offshore oil and gas exploration.

It makes me wonder whether the Democrats are worried about losing those votes in Committee, or ultimately on the floor of the House and Senate.

All of that means there won't be consideration of any major energy legislation in the House and Senate until after members take a July 4th break.

On top of that, the House last night failed to muster the needed votes to move a bill that makes oil and gas price gouging a federal crime.

Democrats backed the measure as a way to get tough on oil companies.  Most Republicans voted against it, arguing that measures to open more areas to drilling are the answer, not laws on price gouging.

"Like baseball and barbeques, price gouging rhetoric has become a rite of summer for Washington politicians," said Thomas Pyle, president of the Institute for Energy Research, who opposes the gouging law idea.

"DEMS SCHEDULE MEANINGLESS VOTES TO PROVIDE POLITICAL COVER WHILE THEY CONTINUE TO BLOCK INCREASED AMERICAN ENERGY PRODUCTION," screamed the headline on a GOP press release.

So, the bottom line right now is that the House won't be moving any major legislation on energy policy this week.  That will certainly give the GOP something to yell about during the week long break for July 4th.

We'll see in the next couple of weeks whether the Democrats are feeling the heat or whether Republicans are overplaying their hand in this election year.

There isn't an easy answer, mainly because both parties are playing to their base.  But if Republicans really wanted to undercut the Democrats, there is room to do that.

How?

Co-op the Democrats on conservation and renewable fuels - a lot of the stuff that Republicans usually condemn as meaningless drivel from "tree huggers."

Some Senate Republicans want to do that - we'll see if that takes root in coming days.

 

 
 
 

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