Story Published:
Jul 17, 2008 at 10:51 PM CST
Story Updated:
Jul 18, 2008 at 10:57 AM CST
For a second straight day, the price of oil fell five dollars a barrel.
But the cost of energy is still at the top of the charts in Congress.
Democrats and Republicans spent the day arguing about where oil companies should drill. But Democrats now have their sights on Wall Street oil speculators...and Illinois Senator Dick Durbin today told News 25's Mike Dimmick why.
"We believe that 10–50 percent of the current price of oil is because of speculation by those who never want to take possession of the oil, but trade back and forth in speculation. And we believe if we had more oversight and more regulation that there'd be fewer of these execessive speculators and much less likelihood of speculation of the market. You can't explain it. Why does the price of oil go up 15 cents yesterday and down 15 cents today? It isn't supply and demand," said Durbin.
Senate Republicans are pushing a broader energy package that includes oil drilling and conservation.
Monday, Jul 21 at 9:21 AM mottaz82@hotmail.com wrote ...
It is pretty sad to see how long it has actually taken congress to start getting involved with the corrupt oil market. Just goes to show you how much power the stock market has over the government. Corporate greed has taken over this country in great measures. This country is the best in the world. Although, our "elected leaders" are the biggest problem we have now. All most of them are are big buisness men and women. Most have no idea what it is like to work for a living.