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Senate Proceeding on Jul 23rd, 2008 :: 4:58:14 to 5:04:16
Total video length: 6 hours 2 minutes Stream Tools: Stream Overview | Edit Time

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Dianne Feinstein

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

Dianne Feinstein

4:57:55 to 4:58:14( Edit History Discussion )

Dianne Feinstein: regulatory and legislative loopholes that prevent the cftc from f enforcing the commodity exchange act in energy commodity markets. i hope my colleagues will support it. i suspect it may not pass.

Sheldon Whitehouse

4:58:14 to 4:58:23( Edit History Discussion )

Sheldon Whitehouse: i hope it does because there is no question in my mind that the 800-pound gorilla and the price of gasoline at the pump is excessive speculation on commodities futures markets deals withit energy.

Sheldon Whitehouse

4:58:14 to 5:04:16( Edit History Discussion )
Speech By: Sheldon Whitehouse

Sheldon Whitehouse

4:58:23 to 4:58:35( Edit History Discussion )

Sheldon Whitehouse: thank you very much, mr. president. i yield the floor. yi the presiding officer: the senator from rhode island. mr. whitehouse: mr. president, would you be kind enough to notify me when there are 30 seconds

Sheldon Whitehouse

4:58:35 to 4:58:52( Edit History Discussion )

Sheldon Whitehouse: remaini ng so i can close without intruding on the other party's time. today in rhode island drivers are pay ing moreor than $4 a gallon for gas and they have been paying those prices for well over

Sheldon Whitehouse

4:58:52 to 4:59:04( Edit History Discussion )

Sheldon Whitehouse: a month. we all knowno that eight years of two oil men in the white house equals over $4 a gallon gas. and a nearly six-fold increase in oil prices. the record oil prices hriave sent consumer costs

Sheldon Whitehouse

4:59:04 to 4:59:16( Edit History Discussion )

Sheldon Whitehouse: skyrocketing not only at the pump but at the supermarket and the department store. food and household goods take energy to produce and transport and have become more and more expensive. while george

Sheldon Whitehouse

4:59:16 to 4:59:29( Edit History Discussion )

Sheldon Whitehouse: bush and dick cheney's friends in the oil industry celebrate grotesque profits, ordinary americans struggle just to make end's meet. families in rhode island and across the country are having to choose between

Sheldon Whitehouse

4:59:29 to 4:59:46( Edit History Discussion )

Sheldon Whitehouse: filling their tank and feeding their families. between heating their home and buying needed medicine. they are frustrated. they're angry and looking for solutions anywhere they can find them. unfortunately,

Sheldon Whitehouse

4:59:46 to 4:59:56( Edit History Discussion )

Sheldon Whitehouse: rather than take steps to help consumers today, the bush republicans are now trying to harness americans' anger and frustration and, of all things, use it to capture more inventory for big oil.| the

Sheldon Whitehouse

4:59:56 to 5:00:08( Edit History Discussion )

Sheldon Whitehouse: energy companies have already bought up 68 million acres of public lands to drill and they're just sitting on it. they're spending more buying back stock than they are drilling these holdings. now,

Sheldon Whitehouse

5:00:08 to 5:00:23( Edit History Discussion )

Sheldon Whitehouse: rather than drill what they have, they just want more. the administration and its allies have said that opening up more land to drill is the one and only way to lower the price of gas in this country that.

Sheldon Whitehouse

5:00:23 to 5:00:37( Edit History Discussion )

Sheldon Whitehouse: is just flat wrong. the united states owns 3% of the world's oil reserves and consumes 25% of the world's oil. the measures endorsed by the administration and its allies would have zero effect on gas

Sheldon Whitehouse

5:00:37 to 5:00:49( Edit History Discussion )

Sheldon Whitehouse: prices, zero effect for at least a decade. even then, the energy information administration projects that these proposals aren't likely to make any significant dent in gas prices cold comfort for

Sheldon Whitehouse

5:00:49 to 5:00:59( Edit History Discussion )

Sheldon Whitehouse: americans who've watch gas prices rise about $3 a gallon while two oilmen occupied the white house. we cannot drill our way out of this problem nor or ever. but that's not all. even as the bush republicans

Sheldon Whitehouse

5:00:59 to 5:01:09( Edit History Discussion )

Sheldon Whitehouse: say that their only answer to our energy crisis is drill, drill dricialtion, they've repeatedly repeatedly -- drill, they've repeatedly refused our good-faith offer to bring their proposal to a vote.

Sheldon Whitehouse

5:01:09 to 5:01:18( Edit History Discussion )

Sheldon Whitehouse: if they're confident that this is the right solution, then give each of us the chance to vote up or down base odd what we think is right for the people -- based on what we think is right for the

Sheldon Whitehouse

5:01:18 to 5:01:32( Edit History Discussion )

Sheldon Whitehouse: people we represent. why not? because, as we've seen time and type again, they're not interested in finding the right solution, in doing right by families who need help today. no. the bush republicans

Sheldon Whitehouse

5:01:32 to 5:01:45( Edit History Discussion )

Sheldon Whitehouse: are much more interested in playing politics and pouring more money into the pockets of oil companies already reaping world record, history of the universe profits. their proposal would encourage

Sheldon Whitehouse

5:01:45 to 5:01:57( Edit History Discussion )

Sheldon Whitehouse: our continued dependence on oil, harm our environment, delay our badly needed transition to the vibrant green economy that beckons you. and make no mistake. if the republicans would just let us walk

Sheldon Whitehouse

5:01:57 to 5:02:12( Edit History Discussion )

Sheldon Whitehouse: through this door, a vibrant, green economy does beckon american workers and families. we need real commonsense solutions that can make a difference now. one factor most economists believe has played

Sheldon Whitehouse

5:02:12 to 5:02:26( Edit History Discussion )

Sheldon Whitehouse: a major role in driving up prices is rampant speculation in the commodities and futures market. something we can address today. speculators invest in oil futures with no intention of taking possession

Sheldon Whitehouse

5:02:26 to 5:02:38( Edit History Discussion )

Sheldon Whitehouse: of the commodity itself. they've historically played a role in the marketplace, but under george bush's watch, excessive and irresponsible speculation has exploded. experts may disagree on whether speculators

Sheldon Whitehouse

5:02:38 to 5:02:49( Edit History Discussion )

Sheldon Whitehouse: have run up the price of oil by 10% or 30% or 50% but there is broad and growing agreement that speculation is a serious problem and that fixing that problem can help bring gas prices down now. of

Sheldon Whitehouse

5:02:49 to 5:03:01( Edit History Discussion )

Sheldon Whitehouse: course, the big oil companies and those in congress who support them say that the dynamics of supply and demand, not speculation, is the real cause of the massive price increases. there are two

Sheldon Whitehouse

5:03:01 to 5:03:13( Edit History Discussion )

Sheldon Whitehouse: problems with that argument, madam president. first, we've heard testimony from experts who say there's no way that simple supply and demand for oil can explain the huge rise in energy dhooses have

Sheldon Whitehouse

5:03:13 to 5:03:23( Edit History Discussion )

Sheldon Whitehouse: plagued -- costs that have plagued american families in the last several months. and second, energy speculation has its own supply and demand in the commodity market. according to data from the cftc,

Sheldon Whitehouse

5:03:23 to 5:03:38( Edit History Discussion )

Sheldon Whitehouse: speculators now control 71% of the oil market, up from 37% when president bush took office. the presiding officer: the senator has 30 seconds remaining. mr. whitehouse: thank you. with relatively

Sheldon Whitehouse

5:03:38 to 5:03:51( Edit History Discussion )

Sheldon Whitehouse: constant supplies of futures and expanding, dramatically expanding demand of speculators, prices have nowhere to go but up. i'm here to support legislation that our colleague have offered to get to

Sheldon Whitehouse

5:03:51 to 5:04:03( Edit History Discussion )

Sheldon Whitehouse: the bottom of the energy speculation boom. senator maria cantwell has been a particular leader but i want to commend majority leader reid for offering the stopto excessive energy speculation act of

Sheldon Whitehouse

5:04:03 to 5:04:16( Edit History Discussion )

Sheldon Whitehouse: 2008 2 that would address the problem of excessive speculation. in the time that remains, i will simply ask unanimous consent that my comyplete remarks be put into the record and urge all of my colleagues

Bob Corker

5:04:16 to 5:04:36( Edit History Discussion )

Bob Corker: to take a look at this problem. when there is $16 billion that used to chase these futures around in the index fund and it's now over 300, clearly something is going on in these markets that we need

Bob Corker

5:04:16 to 5:14:34( Edit History Discussion )
Speech By: Bob Corker

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