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Reid: Speculation Bill Helped Drop Oil Prices

Republican Rep. John B. Shadegg or Arizona said yesterday that oil prices were falling because House Republicans were on the floor staging a protest against Democratic refusal to allow a vote on more offshore drilling.  

Not to be outdone, Majority Leader Harry Reid (D-Nev.) said on a conference call today that a band of Senate Democrats also deserve some of the credit. Reid and other Senate Democrats had previously introduced a bill to eliminate some speculation in the oil futures market. At least Reid, however, put the assertion in the mouth of someone else.

"The price of oil has dropped," said Reid. "I still believe that we were headed in the right direction when we talked about speculation. I was told by the head of United Airlines that the mere fact that we brought up the legislation was one reason that the price has gone down."