Senate Democrats push oil speculation bill

WASHINGTON (Reuters) – Senate Democratic leaders will try on Tuesday to move forward legislation to crack down on excessive oil speculation, which many blame for inflating prices of crude oil and gasoline.

Sen. Byron Dorgan, of North Dakota, a member of the Democratic leadership, said he hopes to get enough votes this week to allow consideration of the bill and pass the measure.

Soaring energy prices have become a top concern this election year, with Democrats and Republicans in Congress offering often competing solutions.

Passage of any reform will be difficult in the Senate, where Democrats have a slim 51 to 49 majority. Republicans, who want to increase U.S. oil drilling, have enough votes to raise procedural hurdles and possibly block passage of any plan.

Reuters