House Republicans, in their push to ease restrictions on oil drilling, are crying foul that China drills for oil 50 miles off the coast of Florida while U.S. companies must sit on the sidelines.
The House GOP leadership office today circulated an op-ed Rep. George Radanovich (R-Ca.) has published in the Modesto Bee, in which Radanovich says, "China, thanks to a lease issued by Cuba, is drilling for oil just 50 miles off Florida's coast...Suffice to say that China doesn
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Five senators sent a letter to the head of the Commodity Futures Trading Commission (CTFC) today, calling on him to restrict the trade of oil futures, citing rising gas prices as reason to limit investment.
Sens. Dianne Feinstein (D-Calif.), Maria Cantwell (D-Wash.), Ron Wyden (D-Ore.), Ted Stevens (R-Alaska), and Olympia Snowe (R-Maine) called on CFTC Chairman Walter Lukken to use emergency powers to prevent futures traders from increasing the size of their investments, and to reduce the holdings of institutional investors, such as banks and investment funds, whose investments exceed certain levels.
The senators wrote that the increasing price of oil futures is driving up the price of gasoline. Futures trading centers on the purchase and sale of oil at future prices, and investors essentially bet on how the price of oil will fluctuate. Over 99 percent of new investors are betting that the price of oil will go up, the senators wrote, resulting in a speculation bubble that has driven up the price of oil.
Confidence in the American economy has equaled its record low for 2008, with 88 percent of Americans saying the economy is getting worse, according to Gallup. Nine percent of Americans said they thought the economy was improving.
The previous low was set earlier this month. Confidence had risen slightly since then, with Gallup's last poll indicating 85 percent of Americans thought the economy was getting worse, before falling again today.
The economy consistently polls as the issue voters see as most important, especially among Democratic voters.
Gallup surveyed over 1,400 Americans on May 25, 27, and 28 for the poll.
John Edwards will be honored alongside rock singer/songwriter/guitarist Elvis Costello in New York City June 9 by the group World Hunger Year (WHY) for his work fighting poverty.
Edwards and Costello will both receive the group's 2008 WHY-Chapin award "for their exemplary work and dedication on issues of hunger and poverty on a local, national and worldwide level," the group said today in a release. Poverty was the central issue of Edwards's 2008 presidential run.
Sen. Patrick Leahy (D-Vt.), who has served on WHY's board of directors for 25 years, will be an honorary chairman of the awards dinner at the Lighthouse at Chelsea Piers.
Here's what the group had to say about Edwards and Costello in its release:
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Former House Majority Leader Dick Armey (R-Texas) is recruiting support for an online protest of high gas prices.
Armey sent an email to members of FreedomWorks, the interest group where he serves as chairman, blaming congressional Democrats for high gas prices -- a current rhetorical theme for Republicans.
"Bad policy from Congress is a major reason gasoline is going through the roof. Led by Speaker Nancy Pelosi, Congress continues to block development most of America
Most Americans want oil released from U.S. reserves and for oil companies to drill in protected areas, according to a poll released by Gallup.
The poll found that 58 percent of Americans want oil released from the Strategic Petroleum Reserve, while 57 percent want Congress to allow oil companies to drill in U.S. coastal and wilderness areas now off limits.
Republicans in Congress are now pushing a plan, unveiled last week, to lower gas prices, which includes both releasing oil from the strategic reserve and expanding drilling rights for oil companies.
The poll surveyed over 1,000 Americans aged 18 or older. See the results below.
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As Congress fights over who is to blame for high gas prices, and passes bills seeking to address the issue, a new poll has found that few Americans have faith that the price will drop or even stay the same.
According to a new Rasmussen poll, 71 percent of American adults think gasoline will reach $5 per gallon by the end of the summer, while 21 percent said it is unlikely that gas will reach the $5 mark. Rasmussen surveyed 1,000 adults by phone on May 21 and 22.
The House moved May 20 to create a Department of Justice task force to investigate foreign and domestic oil companies for potential price gouging and conspiracy to alter market prices. The House also passed a bill, with the goal of lowering the price of oil, calling on President Bush to stop purchasing oil to deposit in the U.S. strategic petroleum reserve. Republicans have blamed House Speaker Nancy Pelosi (D-Calif.) for high gas prices, dubbing recent increases the "Pelosi Premium."
The economically conservative Club for Growth released its congressional scorecard for 2007 today. Four lawmakers received perfect scores for their 2007 performances: Reps. Jeff Flake (R-Ariz.), Doug Lamborn (R-Colo.), Jeb Hensarling (R-Texas), and Sen. Jim DeMint (R-S.C.).
Those four, along with five other senators and 46 other representatives, received the Club's "Defender of Economic Freedom" award. See the Club's scorecard here.
Freedom's Watch has released a new web ad attacking congressional Democrats as a "do nothing" majority when it comes to gas prices. The ad cites House Majority Leader Steny Hoyer's (D-Md.) opposition to a gas tax holiday and House Speaker Nancy Pelosi's (D-Calif.) televised gaffe on the price of gas.
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