Sen. Blunt: GOP drilling plan will sway speculators

The Senate is slated to hold a test vote Wednesday afternoon on a GOP leadership plan that sets deadlines for conducting lease sales in the Gulf of Mexico and elsewhere. It typically takes energy companies years to produce oil from areas they lease, so selling more leases would not expand supply in the near-term.

But the measure also sets deadlines for federal regulators to act on industry requests to drill in offshore areas already under lease, among other provisions.

The measure — which mirrors bills the House approved earlier this month — is not expected to advance in the Senate.