Senate Proceeding on Jun 27th, 2008 :: 0:18:20 to 0:23:39
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0:18:01 to 0:18:20( Edit History Discussion )

Harry Reid: that the president has wanted, and he's talks about it all the time. and we have donee our best for him, and we'll keep everyone advised how progress s but we're gouged our very, very going to do our very,

0:18:20 to 0:18:30( Edit History Discussion )

Maria Cantwell: very best. i'm confident it will take a little by the of time that people don't want to spend, but we're going do that. this is too important not to. ms. cantwell: mr. president? the presiding officer:

0:18:20 to 0:23:39( Edit History Discussion )
Speech By: Maria Cantwell

0:18:30 to 0:18:45( Edit History Discussion )

Maria Cantwell: the senator from washington state is recognize ed. ms. cantwell: mr. president,es i rise this morning to talk about the ever-increasing problem and crisis which we have in this country with the rise ing

0:18:45 to 0:18:59( Edit History Discussion )

Maria Cantwell: price of gasoline. and many of my colleagues saw that yesterday oil futures hit $140 a barrel. i think today it's up to $141 a barrel. el the stock market, i think, is responding to the anxiety ies that

0:18:59 to 0:19:17( Edit History Discussion )

Maria Cantwell: oil costs are cause ing to our economy and the future prospects of some people speculate ing that it might even go up to as much as $150 to $200 a barrel. this really is a problem for us, and a

0:19:17 to 0:19:28( Edit History Discussion )

Maria Cantwell: problem that this body needs to address and needs to address quickly. now, many people at home are just eelly understand really understanding because at almost $4.30, whatever people are paying across the country

0:19:28 to 0:19:43( Edit History Discussion )

Maria Cantwell: -- in washington state we seem to pay a higher price than the nation on average, -- are really start starting to understand what is the oil futures market and how much speculation is happening? but

0:19:43 to 0:20:03( Edit History Discussion )

Maria Cantwell: we can see today that on world consumpon there are about 86 million barrels of oil a day that are consumed. but what people might find surprising is that the volume of that oil trade ed back and forth

0:20:03 to 0:20:20( Edit History Discussion )

Maria Cantwell: on a daily basis is over 1 billion barrels per day. so we produce 86 million but yet we trade it over and over and over and over and over and over and over and over and over again again. in fact, 14

0:20:20 to 0:20:35( Edit History Discussion )

Maria Cantwell: times we trade and sell one barrel of this oil back and forth every day. and many of my colleagues -- and myself -- have concerns about the fact that much of this trade trading -- at least this chunk

0:20:35 to 0:20:48( Edit History Discussion )

Maria Cantwell: of it done on the intercontinental ex exchange -- is done in a dark market. so we don't know what kinds of positions people hold. we don't have the same requirements for excessive trade trading that

0:20:48 to 0:21:02( Edit History Discussion )

Maria Cantwell: we do on nymex and on the chicago mercantile ex exchange. and so we have a lot of anxiety that there's a lot of trade ing going on in the dark, that people don't understand, and that this situation,

0:21:02 to 0:21:17( Edit History Discussion )

Maria Cantwell: while we're out on recess, could be ex exacerbate ed; that we really could have a grave problem while we're gone seeing this continue to shoot up. a few weeks ago we had the price shoot up $10 in one

0:21:17 to 0:21:33( Edit History Discussion )

Maria Cantwell: day. and so my colleagues in the house responding to this, knowing that it's an emergency situation, in fact 402 house members recognize that this is an emergency situation, passed legislation yesterday

0:21:33 to 0:21:45( Edit History Discussion )

Maria Cantwell: that was just brought to the floor -- not a lot of discussion or debate, not a lot of -- there's been many hearings, but the decision was made because we are leaving to bring up this emergency declaration

0:21:45 to 0:22:03( Edit History Discussion )

Maria Cantwell: to sell -- to say to the cftc that they should use their emergency authority to make sure that they are cracking down on any excess excessive speculation in all mact markets, including those that

0:22:03 to 0:22:15( Edit History Discussion )

Maria Cantwell: rrently have loopholes like the foreign boards of trade -- like ize like i.c.e. that's what 4026 our house colleagues said -- that's what 402 of our house colleagues said said, that the cftc should

0:22:15 to 0:22:26( Edit History Discussion )

Maria Cantwell: use its emergency authority and use that authority to make sure that in excessive speculation is investigated, that they demand that people reduce position limits, that they have overall stricter

0:22:26 to 0:22:39( Edit History Discussion )

Maria Cantwell: position limits, and that they be aggressive while we are gone on recess. so, mr. president, while we're taking a holiday, there's no holiday for consumers on higher gas prices, but one thing that

0:22:39 to 0:22:54( Edit History Discussion )

Maria Cantwell: we can do is make sure that the chief agency in charg of police policing these oil markets uses its emergency authority while we're gone to do everything they can to protect consumers. i think that

0:22:54 to 0:23:05( Edit History Discussion )

Maria Cantwell: this is important legislation and the fablght that 402 of our -- and the fact that 4026 our colleagues also -- and the fact that 402 of our colleagues also agreed, i think it's time that we do

0:23:05 to 0:23:19( Edit History Discussion )

Maria Cantwell: the same thing. as i said, they didn't have a lot of too many to discuss this. they were just all in an agreement that this is an emergency situation and we should make sure the cftc uses that emergency

0:23:19 to 0:23:27( Edit History Discussion )

Maria Cantwell: authority. so i ask unanimous consent that the senate proceed to the immediate consideration of this house bill, h.r. 6377, the emergency marketers emergency act, which was received just from the house

0:23:27 to 0:23:39( Edit History Discussion )

Maria Cantwell: and the bill be reds three timesee and passed, and the motion to reconsider be laid on the table, with no intervening action or debate. the presiding officer: is there objection? mr. sessions: reserving

0:23:39 to 0:23:52( Edit History Discussion )

Jeff Sessions: the right to object, would the senator amendto the unanimous consent that this legislation be first order of business follow following disposition of the fisa legislation and that the first amendment