Senate works on lowering oil prices
The Senate is voting on an energy bill designed to force oil prices down by taxing oil companies and granting federal authority to sue OPEC nations in U.S. courts. But Sam Eaton reports the move may be little more than PR in an election year.
A gas price display is changed at a Chevron gasoline to display a record high. (Justin Sullivan/Getty Images)
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TEXT OF STORY
Scott Jagow: The price of oil slipped a bit in Asia today -- to about $134 a barrel. Later on, the Senate votes on an energy bill designed to force oil prices down. From the Marketplace Sustainability Desk, Sam Eaton explains.
Sam Eaton: It's not just drivers who feel the pinch when gas hits a $4 a gallon. Politicians have to explain what they're doing to ease prices at the pump.
Today, Senate Democrats are trying to do just. Their bill would tax oil companies and grant federal authority to sue OPEC nations in U.S. courts. But not everyone's buying it.
Robert Ebel: A lot of this stuff is just PR, you know, it's not gonna happen.
Robert Ebel is with the Center for Strategic and International Studies. He says there's little chance in an election year of passing any meaningful energy policy. He says that makes this week's proceedings more about political gamesmanship than problem solving.
Ebel: You can point your finger in all directions, and probably find some reason to explain why the price of a barrel of oil went up as much in one day as what a barrel of oil sold for 10 years ago.
Ebel says one thing is certain to come out of the debates: Democrats and Republicans will blame each other as both parties carve out energy platforms for the fall election.
I'm Sam Eaton for Marketplace.
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From Sidney, NE, 06/10/2008
This fall people will have two choices,
A. Vote for the Democrats who think they are protecting the environment by voting against opening up oil fields in our country. The out come of this is we will pay higher gas prices and will continue to be at the mercy of the Middle East. Every time there is a problem over there will pay higher gas price if not having to send our young over there to die for the preservation of oil. Nancy Pelosi cried out two years ago to give the democrats the reins in Washington and they would reduce Gas prices, out come were paying $1.50 or more. They have some misguide thought process that thinks suing OPEC or drilling the Oil Company Executives is going to bring the prices down.
B, Vote for the Republicans who want to open up the oil fields in this country. Out come would reduce the our reliance on foreign oil, increase jobs, and reduce gas prices. There is however a down side there is going to be a enviromental inpact, but I can't imagine these oil company's would dare harm the environment after the beating Exxon took over Valdes.
A majority of the blame is both parties never pushed in to play a sound Energy program in this country. We have been down this road before and have known how critical it is to have alternatives in place. But apparently the idiots that get elected haven't got there act together enough to truly serve our country.
It only makes sense in the larger cities due to smog problems to use electric vehicles, and I believe it has been some type of intervention by the oil compnies that this hasn't happened. We put a man on the moon in 1969, but we can't make a car that goes over 100 miles on a charge give me a break.
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