[Congressional Record (Bound Edition), Volume 154 (2008), Part 14]
[House]
[Page 19569]
[From the U.S. Government Publishing Office, www.gpo.gov]




           ANOTHER CHANCE FOR GOP TO STAND UP TO WALL STREET

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Well, we are going to give the Republicans another 
chance today. They have been standing up for Big Oil this week and 
their obscene profits, but we are going to give them a chance one more 
time. Twice they have killed legislation on the floor of the House to 
rein in energy speculators. Now they are creating this fantasy that 
George Bush lifting the moratorium on offshore oil drilling drove down 
the price of oil.
  Well, no. Actually, the price of oil started to drop when we first 
debated reining in energy speculation on the floor of the House. It had 
already dropped considerably before Bush lifted the moratorium.
  Oil 10 years out is doing nothing for this year's speculation. Going 
after the speculators by releasing oil from the SPR and breaking their 
backs, or just reining them in with regulation, which this 
administration hates, which has brought about the crash on Wall Street, 
will bring much more immediate relief to the American consumers.
  If we rein in speculation, then we won't see these obscene run-ups 
again next year around Memorial Day. $600 billion of speculative money 
flooded into that market. When it started flowing out, the price of oil 
dropped.
  Rein in the speculators. Come on, GOP; stand up with us and take on 
Wall Street.

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