Senate to reign in oil speculatorsWASHINGTON (Reuters) - The Senate on Tuesday voted overwhelmingly to open debate on a bill to rein in energy market speculation blamed for high oil and gasoline prices.
But final passage of the legislation looked difficult because of disagreements between its Democratic backers and Republicans who want to include other provisions designed to boost domestic oil production.
With 60 votes needed to proceed with the measure, 94 of the 100 U.S. Senators voted "yes" and none against. But Republicans still may block final approval unless amendments are added to expand offshore drilling and develop oil shale fields.
Reid has proposed that Democrats and Republicans offer one amendment each to the speculation bill, but Republicans have indicated they may offer as many as 28, dealing with matters from production to conservation.