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July 21, 2008 - by Donny Shaw

Sounds like Senate Republicans are backing off their insistence on drilling and may actually help Democrats pass a bill to crack down on excessive speculation in oil markets.

According to The Hill, the Democrats’ position on this is that if Republicans don’t help them pass the speculation bill, they won’t even consider a vote on drilling as part of a larger energy package in the near future.

Click here for Harry Reid’s rundown of what the oil speculation bill would do.

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  • Anonymous 07/22/2008 12:26am

    Why can’t Congress pass a National Teleworking Incentive Plan whereby the all government organizations (local, state, federal) are required to have “x%” of their workforce teleworking (not just “having the ability to telework” like most plans have now as language). Saying that someone has the ability isn’t the same as practicing it. If that x% isn’t met within the next 2 years the budget for that agency will be lowered.

    For all other businesses, a tax-cut could be given to those that implement the same standards.

    It may even make sense for the government to offer some additional funds to get the ball rolling for various businesses and agencies.

    In order to keep the tax cuts they would need to gradually increase the % of employees per year that would be teleworking on a regular basis by 5%.

    If every business and organization had 20% of their workforce teleworking, not only would it benefit the environment, but I wonder if gas would actually come down as a result of not selling as much?

  • Anonymous 07/22/2008 3:04pm

    If they only allow cash producers to hedge only there is no point in the cash market. The commodity has to be bought at the end of the contract and no one is buying. So, if no one buys the cash the price should go down. The cash is always in demand, so the price should go up because the contracts will always be filled in the cash market. The contract expiring without a delivery in the cash market or commodity was how prices were kept lower. If every contract has to be filled, price will just go higher.

    Large banks will just buy the oil wells. If they can’t use a futures contract, it’s better to buy the cash.

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