Pelosi: House Republicans Play Politics, Defeat Speculation Bill to Lower Energy Costs

Contact:Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. -- Speaker Nancy Pelosi released the following statement on H.R. 6604, the Commodity Market Transparency and Accountability Act. The legislation would take crucial steps to curb excessive speculation in the energy futures markets in order to bring down gas prices. The measure received a strong majority support in a House vote today of 276 to 151, but failed to receive the two-thirds necessary to pass under suspension of the rules. During the vote, the measure initially received more than enough votes to pass, but Republican leaders persuaded more than a dozen Republicans to switch their votes in order to defeat the bill and sustain the President's threatened veto.

"Today, the House brought forward legislation to take another step toward reducing the price at the pump for consumers by cracking down on excessive speculation in energy markets that is driving up the price of oil. I want to thank Agriculture Committee Chairman Colin Peterson for grappling with a difficult and complicated issue and for expeditiously bringing this legislation to the floor.

"By organizing a reversal of votes, the Republican leadership sent a strong message to the American people: the Republican conference is playing politics with the pain American consumers and businesses are facing at the pump. Today's vote marks the 13th time a majority of House Republicans have opposed serious, responsible proposals to increase supply, reduce prices, protect consumers, and transition America to a clean, renewable energy independent future. The American people deserve better."

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Background

A list of the other 12 measures that large percentages of House Republicans voted against:

• Comprehensive energy legislation that includes the first new vehicle efficiency standards in 32 years, saving families up to $1,000 a year at the pump. [93 percent, Vote 1140, 12/6/07, HR 6; 50.3 percent, Vote 1177, 12/18/07, HR 6]

• Tax incentives for renewable electricity, energy and fuel from America's heartland, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances -- four times in just the last 18 months. [82 percent, Vote 344, 5/21/08, HR 6049; 91 percent, Vote 84, 2/27/2008; 93 percent, Vote 1140, 12/6/07, HR 6; 95 percent, Vote 835, HR 2776]

• Investments in energy efficiency and renewable energy, including solar, biofuels, hydropower, and geothermal energy, as well as new vehicle technology and energy efficient buildings and homes, with a 50 percent increase over the President's request. [56 percent, Vote 641, 7/17/07, HR 2641]

• Landmark energy efficiency standards for buildings, homes, appliances, and lighting to save consumers $400 billion through 2030. [93 percent, Vote 1140, 12/6/07, HR 6; 50.3 percent; Vote 1177, 12/18/07, HR 6]

• Requiring that 15 percent of American electricity come from renewable energy by 2020. [83 percent, Vote 827, 8/4/97, amendment to HR 3221]

• Reducing transit fares for commuter rail and buses and expanding service through grants to transit agencies. [52 percent, Vote 467, 6/26/08, HR 6052]

• Responsible drilling in Alaska in the National Petroleum Reserve (NPR-A). [86 percent, Vote 511, 7/17/08, HR 6515]

• Requiring oil companies to drill on 68 million acres they already control. [94 percent, Vote 469, 6/26/08, HR 6251]

• Releasing a small portion of the government's oil stockpile, the Strategic Petroleum Reserve, to bring down gasoline prices. [81 percent, Vote 527, 7/24/08, H.R. 6578]

• Cracking down on price gouging oil companies that artificially inflate the price of energy. [74 percent, Vote 448, 6/24/08, HR 6346]

• Repealing unnecessary subsidies for the top five oil companies earning record profits -- four times over the last 18 months. [91 percent, Vote 84, 2/27/2008; 93 percent, Vote 1140, 12/6/07, HR 6; 95 percent, Vote 835, HR 2776; 81 percent, Vote 40, 1/18/07, HR 6]

Recouping royalties that oil companies owe American taxpayers for drilling on public lands. [86 percent, Vote 832, 8/4/07, HR 3221; 81 percent, Vote 40, 1/18/07, HR 6]