Republicans Vote Against Lowering Gas Prices

Even though I don't think it's the entire story, there's certainly SOME speculation in the oil futures market that is driving up the price. Ian Welsh has a pretty good explanation of this. And so to see the Senate block consideration on a bill that would rein in speculation in the market, a few days after voting 94-0 to move it forward, is just embarrassing, and really shows where the loyalties of the Republicans lie - with the speculators and with the oil companies that benefit from the speculation.

The DSCC puts it all together in a press release:

Senate Minority Leader Mitch McConnell voted against a bill today to lower gas prices by curbing excessive speculation in energy markets. Experts have noted that speculation is driving up the price of a barrel of oil, and a recent House committee report revealed that speculators – institutional investors buying contracts with no intention of taking delivery of oil – now account for 73% of all trading of crude oil contracts on the New York Mercantile Exchange, up from 37% in 2000.

"Mitch McConnell had an opportunity to lower the price of gas today, but instead he voted with the speculators who are profiting from Kentuckians' pain at the pump," DSCC spokesman Matthew Miller said. "Mitch McConnell's constituents deserve better than a politician who sides with Wall Street speculators over Kentucky families."

McConnell voted against legislation to guard against price manipulation just one day after the Commodity Futures Trading Commission announced its first case against a trading fund in the agency's probe of crude oil market manipulation. The bill will eliminate so-called "dark markets" to increase transparency and accountability in commodities trading, strengthen the CFTC's enforcement capacity, and close the "London Loophole" so all U.S.-based trading of American commodities is subject to American regulation.

And the only action the Republicans want to take to relieve the burden of high gas prices is more drilling and spilling, and they'll lie through their teeth to do so, that the wildlife "wouldn't care" about giant oil rigs going up in their backyard (in that case, let's put one behind John Boehner's house). Of course, that drilling and spilling will only advantage- you guessed it, giant oil companies.

It's all so transparent...