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Senate Proceeding on Jul 23rd, 2008 :: 4:34:08 to 4:43:33
Total video length: 6 hours 2 minutes Stream Tools: Stream Overview | Edit Time

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Jon Kyl

4:22:45 to 4:34:08( Edit History Discussion )
Speech By: Jon Kyl

Jon Kyl

4:33:53 to 4:34:08( Edit History Discussion )

Jon Kyl: officer: the senator from minnesota. ms. klobuchar: mr. president, m it is now thursday, and we have been debating the issue of speculation for several days. i believe that it's time totop talking and it's

Amy Klobuchar

4:34:08 to 4:34:20( Edit History Discussion )

Amy Klobuchar: time to vote to end speculation in the marketplace. now, there is an honest debate going on about our long-term energy policy, and one that i am glad we're having. we need to talk about the potential

Amy Klobuchar

4:34:08 to 4:43:33( Edit History Discussion )
Speech By: Amy Klobuchar

Amy Klobuchar

4:34:20 to 4:34:33( Edit History Discussion )

Amy Klobuchar: of expanding our domestic production, about new refineries. i live right next door to north dakota. i see the potential there with the oil shale. and certainly as t. boone pickens has been doing

Amy Klobuchar

4:34:33 to 4:34:44( Edit History Discussion )

Amy Klobuchar: over the last few weeks, we need to lead the way with alternative energy, with wind and with solar, with putting the focus on hybrid and electric cars, with biofuels, like we've seen in minnesota.

Amy Klobuchar

4:34:44 to 4:34:58( Edit History Discussion )

Amy Klobuchar: we've seen a revival in our rural areas. we've seen it with wind. we're third in the nation in minnesota with wind. we've seen it with the biodiesel biofuels. and i have seen firsthand the potential

Amy Klobuchar

4:34:58 to 4:35:10( Edit History Discussion )

Amy Klobuchar: for this next energy revolution. and it is my belief that we should be investing in the farmers and the workers of the midwest and not the oil cartels of the mideast. and so i welcome this debate and

Amy Klobuchar

4:35:10 to 4:35:23( Edit History Discussion )

Amy Klobuchar: i'm hopeful that we can get something done on that. but let's look at the short term. let's look at what the american people are facing now with $4 a gallon gasoline. they don't have right now the time

Amy Klobuchar

4:35:23 to 4:35:38( Edit History Discussion )

Amy Klobuchar: or the patience to tell them, well, we're not going to get anything done on speculation, even though almost every senator in this chamber has admit that had there's problem with speculation, that that is

Amy Klobuchar

4:35:38 to 4:35:49( Edit History Discussion )

Amy Klobuchar: part of the problem. we may differ on how much of the part of the problem that is, but we know that it's part of the problem. i believe our stop excessive energy speculation act will help to pop the oil

Amy Klobuchar

4:35:49 to 4:36:03( Edit History Discussion )

Amy Klobuchar: speculation bubble. this bill has a number of provisions that will fight the kind of excessive speculation that drives up energy prices for hard-working american families. this bill will close the so-called

Amy Klobuchar

4:36:03 to 4:36:13( Edit History Discussion )

Amy Klobuchar: london loophole. it will stop traders from routing transactions to get around limits on speculation put in place by u.s. regulators. the intercontinental exchanges or i.c.e. allows trading in american

Amy Klobuchar

4:36:13 to 4:36:25( Edit History Discussion )

Amy Klobuchar: oil futures, gasoline and home heating oil with far less stringent reporting requirements than what we have here at home. it is no -- i can tell you, my constituents -- it is not a great thing to

Amy Klobuchar

4:36:25 to 4:36:37( Edit History Discussion )

Amy Klobuchar: tell them, don't worry, a dubai or london will be taking care of you. they don't buy that, and they don't buy it for a good reason. the way the world has worked now with the loopholes that have been

Amy Klobuchar

4:36:37 to 4:36:48( Edit History Discussion )

Amy Klobuchar: brought in in the middle of the night, with the enron loophole -- i see senator feinstein from california who has worked so hard to close that loophole and move to the point where we can better

Amy Klobuchar

4:36:48 to 4:37:02( Edit History Discussion )

Amy Klobuchar: regulate our energy futures. but we know there is more that we can do and that's what it bill contains. this bill will make foreign trade subject to the same reporting requirements as trade made here

Amy Klobuchar

4:37:02 to 4:37:17( Edit History Discussion )

Amy Klobuchar: at home, so we can stop a glut of ever seas trade from driving up our energy prices. this bill would also require the commodity few taourgs trading commission to re -- futures trading commission to

Amy Klobuchar

4:37:17 to 4:37:29( Edit History Discussion )

Amy Klobuchar: review the letters of no action it i shall viewed to the i.c.e. electric exchange in atlanta and nynex in new york. with these action letters, the cftc gave these exchanges permission to operate in

Amy Klobuchar

4:37:29 to 4:37:41( Edit History Discussion )

Amy Klobuchar: this country and trade in american energy futures with no oversight from u.s. regulators. personally, i don't feel that it's good enough to say that the dubai financial services authority is looking out

Amy Klobuchar

4:37:41 to 4:37:52( Edit History Discussion )

Amy Klobuchar: for my people and my state. we need to let speculators know that if they want to trade in american energy futures, they're going to be subject to american regulation. the bill would also convene

Amy Klobuchar

4:37:52 to 4:38:06( Edit History Discussion )

Amy Klobuchar: an international working group of financial market regulators to develop uniform reporting and regulatory standards in the major trading centers around the world to put an end to this problem of

Amy Klobuchar

4:38:06 to 4:38:21( Edit History Discussion )

Amy Klobuchar: speculators shopping around for the country with the weakest regulations. we know the world has changed, and one of our jobs as a member of the united states senate is not to just put our heads in the sand

Amy Klobuchar

4:38:21 to 4:38:35( Edit History Discussion )

Amy Klobuchar: and pretend the world hasn't changed. it has and the laws must change with it. this bill would require the cftc to impose limits on those who don't actually produce energy or receive tpheuz delivery of

Amy Klobuchar

4:38:35 to 4:38:48( Edit History Discussion )

Amy Klobuchar: energy commodities. if you are an investor who buys and sells oil futures but you don't plan to ever take delivery of barrels of oil, this bill will limit how much you can buy and sell so you won't

Amy Klobuchar

4:38:48 to 4:39:02( Edit History Discussion )

Amy Klobuchar: be at starting prices for your own personal game. this simply extends it to cover the situation that we see going on in the world today. last, this bill is going to give the commodity few taourgs trading

Amy Klobuchar

4:39:02 to 4:39:16( Edit History Discussion )

Amy Klobuchar: commission the funding authority to hire at least 100 full time employees so the commission can strengthen its regulations and improve its enforcement over the energy derivatives market. as a former

Amy Klobuchar

4:39:16 to 4:39:31( Edit History Discussion )

Amy Klobuchar: prosecutor, i know, because i saw it before, you can pass all the laws you want but if you don't have the cops on the beat or at the front line, you're not going to get the job done. i heard the head

Amy Klobuchar

4:39:31 to 4:39:44( Edit History Discussion )

Amy Klobuchar: of the cfts testify. i was surprised. as a prosecutor i thought give me all the tools i want. that's what this bill does. we have heard from the other side of the aisle that speculation is not a

Amy Klobuchar

4:39:44 to 4:40:09( Edit History Discussion )

Amy Klobuchar: major contributor to high oil prices. it is hard to imagine such a position, but our friends on the other side seem intent on finding some straw to hang on that just doesn't work. there are literally

Amy Klobuchar

4:40:09 to 4:40:24( Edit History Discussion )

Amy Klobuchar: living in an evidence-free zone. look at what hofs happened. oil prices up 25%. the price of a gallon of gas up $1. 25%. we know demand hapbt gone up 25%. demand in the united states down, worldwide

Amy Klobuchar

4:40:24 to 4:40:41( Edit History Discussion )

Amy Klobuchar: demand up, but nowhere near up 25%. we know something is going on here and it is our duty, our job to enforce our laws to give this agency the funding they need to do its job. we saw this happen

Amy Klobuchar

4:40:41 to 4:40:53( Edit History Discussion )

Amy Klobuchar: with the consumer procts safety commission. millions and millions of exports. at the same time t their office became a shadow of its former self. it is no supplies we had little foam balls supposed

Amy Klobuchar

4:40:53 to 4:41:08( Edit History Discussion )

Amy Klobuchar: to drop in water that leads to date rape. the agency wasn't doing its job. you have the same thing going on here. it's this congress that had to step in and say let's get this agency the resources

Amy Klobuchar

4:41:08 to 4:41:26( Edit History Discussion )

Amy Klobuchar: so it can do its job. when oil prices jumped $16 in two days without events to drive them up, we can't go around saying speculation isn't having an impact. when the 12th largest company in the united states

Amy Klobuchar

4:41:26 to 4:41:57( Edit History Discussion )

Amy Klobuchar: is filing bankruptcy after losing billions in oil trading, we can't go around saying speculation isn't having an impact. even the chairman of the this the it is saidd oil markets -- of the cfts said oil

Amy Klobuchar

4:41:57 to 4:42:00( Edit History Discussion )

Amy Klobuchar: markets is the biggest gaming hall in america. we've had oil c.e.o.'s say oil should be trading at $55 or60 a barrel. and you know who's taking a hit on this? you know who's taking a hit on this? it's

Amy Klobuchar

4:42:00 to 4:42:06( Edit History Discussion )

Amy Klobuchar: americans across the country. they're taking a hit every time they go to fill up their gas tanks. there is no excuse for this congress not to act on speculation. we're listening to the people of this

Amy Klobuchar

4:42:06 to 4:42:20( Edit History Discussion )

Amy Klobuchar: country and we're hearing that this bill, this bill -- leader reid's bill -- makes common sense to everyday americans. groups across the country that deal with high gas prices every day have come out

Amy Klobuchar

4:42:20 to 4:42:32( Edit History Discussion )

Amy Klobuchar: in support of our efforts to top the out-of-control speculation going on in our oil futures market. groups from the national farmers union, eamsters, air transportation association, consumers for competitive

Amy Klobuchar

4:42:32 to 4:42:44( Edit History Discussion )

Amy Klobuchar: choice. the airlines -- northwest airlines in minnesota isn't exactly a partisan organization. it's a business. and they have seen their profits go down. they have seen their routes go down, the number

Amy Klobuchar

4:42:44 to 4:42:54( Edit History Discussion )

Amy Klobuchar: of planes they can fly go down, unhappy customers. they have millions of airline customers that are writing in to do something on speculation, because this speculation is where the rubber hits the runway for

Amy Klobuchar

4:42:54 to 4:43:06( Edit History Discussion )

Amy Klobuchar: the airlines in this country, and we must do something about it. even the beer wholesalers have said they want to do something about it. i talked to one of their members last night, and they want to

Amy Klobuchar

4:43:06 to 4:43:20( Edit History Discussion )

Amy Klobuchar: geto something done. i can tel l you when my friends across say that speculation has little to do with this, aisle use a good beer word. that is all foam and no beer. it is time to get something

Amy Klobuchar

4:43:20 to 4:43:33( Edit History Discussion )

Amy Klobuchar: done. it is time to act on speculation. in conclusion, the cost of energy is hurting americans from all walks of life and businesses in every sector of our economy. we need to work hard, and i have

Dianne Feinstein

4:43:33 to 4:43:47( Edit History Discussion )

Dianne Feinstein: been pushing for the last year and a half for a long-term energy policy. we need that bold energy policy to carry our nation forward. but we also need to do something now, today, not tomorrow, not next

Dianne Feinstein

4:43:33 to 4:58:14( Edit History Discussion )
Speech By: Dianne Feinstein

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