H.R. 6377House110th Congress (2007-2009)Passed House

Energy Markets Emergency Act of 2008

Introduced June 26, 2008

Legislative Activity

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12 earlier actions
SenateCalendars Latest Action

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 864.

July 8, 2008

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HouseIntro Referral

Introduced in House

June 26, 2008

HouseIntro Referral

Referred to the House Committee on Agriculture.

June 26, 2008

HouseFloor

Mr. Peterson (MN) moved to suspend the rules and pass the bill.

June 26, 2008 • 12:12 PM

HouseFloor

Considered under suspension of the rules. (consideration: CR H6103-6110)

June 26, 2008 • 12:13 PM

HouseFloor

DEBATE - The House proceeded with forty minutes of debate on H.R. 6377.

June 26, 2008 • 12:13 PM

HouseFloor

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

June 26, 2008 • 1:01 PM

HouseFloor

Considered as unfinished business. (consideration: CR H6143-6144)

June 26, 2008 • 5:30 PM

HouseFloor

Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 402 - 19 (Roll no. 468).(text: CR H6103-6104)

June 26, 2008 • 5:37 PM

HouseFloor

On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 402 - 19 (Roll no. 468). (text: CR H6103-6104)

June 26, 2008 • 5:37 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

June 26, 2008 • 5:37 PM

SenateIntro Referral

Received in the Senate.

June 26, 2008

SenateCalendars

Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

July 7, 2008

SenateCalendars

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 864.

July 8, 2008

Floor Debate

22 members

What members said about H.R. 6377 on the floor

10 Republicans12 Democrats
James L. Oberstar
Rep. James L. OberstarD-MN-8 · Jun 26, 2008

Madam Chairman, I rise in support of H.R. 6052, the Saving Energy Through Public Transportation Act of 2008. The purpose of the bill, very simply stated, is to promote energy savings for all…

John L. Mica
Rep. John L. MicaR-FL-7 · Jun 26, 2008

Madam Chairman, I yield myself such time as I may consume. Madam Chairman, I want to thank our chair of the Transportation and Infrastructure Committee, my Democrat counterpart, Mr. Oberstar, for his…

Lynn A. Westmoreland
Rep. Lynn A. WestmorelandR-GA-3 · Jun 26, 2008

Madam Speaker, I just wanted to start out by saying that I know that I can't talk directly to the American people, but I hope that if anyone is out there listening that they would listen to my…

Dan Burton
Rep. Dan BurtonR-IN-5 · Jun 26, 2008

Let me just say to my good friend, Congressman Westmoreland from Georgia, I am so happy that you are going to all this trouble to get all of our colleagues to sign this petition. And if you're at…

Steny H. Hoyer
Rep. Steny H. HoyerD-MD-5 · Jun 26, 2008

I thank the distinguished chairman for yielding. Jim Oberstar is one of the most knowledgeable people in America on energy issues and on transportation issues. And the two, of course, are closely…

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Bob Goodlatte
Rep. Bob GoodlatteR-VA-6 · Jun 26, 2008

Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I want to commend the chairman of the committee, Mr. Peterson, for his work in this area. We held a hearing on this issue on…

Virginia Foxx
Rep. Virginia FoxxR-NC-5 · Jun 26, 2008

I want to thank my colleague from Florida for giving me a moment to speak on this bill. We have had examples here all day today of the fact we are not going to be able to pass any meaningful energy…

Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Jun 26, 2008

Let me thank the distinguished gentleman from Minnesota and as well his ranking member, who I hope is recognizing the importance of the work that we are doing here today, and, of course, the Members…

K. Michael Conaway
Rep. K. Michael ConawayR-TX-11 · Jun 26, 2008

Well, I thank my classmate from Georgia for hosting this hour tonight. We spend an awful lot of time at these microphones, both sides, basically talking past each other. Usually, the rhetoric is…

Collin C. Peterson
Rep. Collin C. PetersonD-MN-7 · Jun 26, 2008

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6377) to direct the Commodity Futures Trading Commission to utilize all its authority, including its emergency powers, to curb…

Earl Blumenauer
Rep. Earl BlumenauerD-OR-3 · Jun 26, 2008

I appreciate the gentleman's courtesy as I appreciate his leadership. It's interesting for us to hear from some of our friends on the other side of the aisle, my good friend from Florida, recounting…

Greg Walden
Rep. Greg WaldenR-OR-2 · Jun 26, 2008

Mr. Speaker, I have a motion to recommit. In its present form, I am. Mr. Speaker, at the outset, let me say I have a long history of supporting mass transit in the urban areas of my State, including…

Virginia Foxx
Rep. Virginia FoxxR-NC-5 · Jun 26, 2008

Thank you so much, Mr. Westmoreland. Thank you for leading this Special Order tonight and for the work that you have been doing for the last several weeks on this issue. I think it's important that…

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Bob Etheridge
Rep. Bob EtheridgeD-NC-2 · Jun 26, 2008

I thank the gentleman for yielding. I rise in support of the Energy Market Emergency Act of 2008. I don't have to tell anyone that gas prices have skyrocketed over the last several months. We can all…

Tim Mahoney
Rep. Tim MahoneyD-FL-16 · Jun 26, 2008

Madam Chairman, I offer an amendment. Madam Chairman, I yield myself such time as I may consume. (Mr. MAHONEY of Florida asked and was given permission to revise and extend his remarks.) I want to…

Paul W. Hodes
Rep. Paul W. HodesD-NH-2 · Jun 26, 2008

Madam Chairman, I have an amendment at the desk. Madam Chairman, I yield myself such time as I may consume. (Mr. HODES asked and was given permission to revise and extend his remarks.) Madam…

Dan Burton
Rep. Dan BurtonR-IN-5 · Jun 26, 2008

I thank the gentleman for yielding. I have been sitting down here and listening for about a couple of hours to the debate on the whole question of energy, and I would like to, from my perspective,…

David G. Reichert
Rep. David G. ReichertR-WA-8 · Jun 26, 2008

Madam Chairman, I offer an amendment. Madam Chairman, as we all know, skyrocketing gas prices and the pain they cause is one of the most daunting issues facing this Congress and our Nation. Today in…

Charles W. Boustany, Jr.
Rep. Charles W. Boustany, Jr.R-LA-7 · Jun 26, 2008

I thank my colleague for yielding time. Mr. Speaker, I rise in support of this bill, but I want to restate that it's a redundancy. It's a restatement of CFTC's authority, and it does urge them to…

Eddie Bernice Johnson
Rep. Eddie Bernice JohnsonD-TX-30 · Jun 26, 2008

Madam Chairman, I rise today in strong support of H.R. 6052, the Saving Energy Through Public Transportation Act. At the onset I want to commend the bipartisan leadership of the Transportation and…

Chris Van Hollen
Rep. Chris Van HollenD-MD-8 · Jun 26, 2008

I thank my colleague and the chairman of the Agriculture Committee, Mr. Peterson, for his leadership on this, along with our colleagues Ms. DeLauro, Mr. Stupak, Mr. Etheridge, Mr. Larson, and many…

Peter A. DeFazio
Rep. Peter A. DeFazioD-OR-4 · Jun 26, 2008

I thank the gentleman of the full committee for his outstanding work over the many years for transit. How prophetic many of his positions have been. I remember during the last reauthorization…

Eleanor Holmes Norton
Rep. Eleanor Holmes NortonD-DC · Jun 26, 2008

I owe the chairman and the ranking member many thanks for today's bill. I appreciate that you have worked together on it, and I appreciate that you have brought forward the only available remedy for…

Jerry Moran
Rep. Jerry MoranR-KS-1 · Jun 26, 2008

Mr. Speaker, I thank Mr. Goodlatte for yielding me time to speak in support of a bill that has been developed in part by the House Agriculture Committee. I am glad to see that this issue, the issue…

Bill Text

3 versions available

Reading Mode
Latest
Placed on Calendar SenateIssued July 8, 2008
        [Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6377 Placed on Calendar Senate (PCS)]

Calendar No. 864
110th CONGRESS
2d Session
H. R. 6377

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

June 26, 2008

Received

July 7, 2008

Read the first time

July 8, 2008

Read the second time and placed on the calendar

_______________________________________________________________________

AN ACT

To direct the Commodity Futures Trading Commission to utilize all its
authority, including its emergency powers, to curb immediately the role
of excessive speculation in any contract market within the jurisdiction
and control of the Commodity Futures Trading Commission, on or through
which energy futures or swaps are traded, and to eliminate excessive
speculation, price distortion, sudden or unreasonable fluctuations or
unwarranted changes in prices, or other unlawful activity that is
causing major market disturbances that prevent the market from
accurately reflecting the forces of supply and demand for energy
commodities.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Energy Markets Emergency Act of
2008''.

SEC. 2. ENERGY MARKETS.

(a) Findings.--The Congress finds as follows:
(1) The Commodity Futures Trading Commission was created as
an independent agency, in 1974, with the mandate to enforce and
administer the Commodity Exchange Act, to ensure market
integrity, to protect market users from fraud and abusive
trading practices, and to prevent and prosecute manipulation of
the price of any commodity in interstate commerce.
(2) Congress has given the Commodity Futures Trading
Commission authority under the Commodity Exchange Act to take
necessary actions to address market emergencies.
(3) The Commodity Futures Trading Commission may use its
emergency authority with respect to any major market
disturbance which prevents the market from accurately
reflecting the forces of supply and demand for a commodity.
(4) Congress has declared, in section 4a of the Commodity
Exchange Act, that excessive speculation imposes an undue and
unnecessary burden on interstate commerce.
(5) On June 6, 2008, the price of crude oil traded on the
New York Mercantile Exchange hit an all-time record of $139.12
per barrel.
(6) The average price of a barrel of crude oil in 2007 was
$72, and the average price of a barrel of crude oil to date in
2008 is $109.
(7) Heating oil futures contracts have risen in price from
$2.97 to $3.81 during the March through May contract months.
(8) United States airlines are forecast to spend
$61,200,000,000 on jet fuel in 2008, which is $20,000,000,000
more than they spent for jet fuel in 2007.
(9) According to the American Automobile Association--
(A) families and businesses are paying an average
of $4.07 per gallon for regular gasoline, which is near
the all-time high and is more than double the price in
2001; and
(B) truckers and farmers are paying an average of
$4.77 per gallon for diesel fuel, which is near the
all-time high and triple the price in 2001.
(10) During this decade, energy demand has been steadily on
the rise in nations such as China and other Asian exporting
nations.
(11) In a May 2008 report, the International Monetary Fund
raised the possibility that speculation has played a
significant role in the run-up of oil prices, and stated ``It
is hard to explain current oil prices in terms of fundamentals
alone. The recent surge in the oil price seems to go well
beyond what would be indicated by the growth of the world
economy.''.
(b) Direction From Congress.--The Commodity Futures Trading
Commission shall utilize all its authority, including its emergency
powers, to--
(1) curb immediately the role of excessive speculation in
any contract market within the jurisdiction and control of the
Commodity Futures Trading Commission, on or through which
energy futures or swaps are traded; and
(2) eliminate excessive speculation, price distortion,
sudden or unreasonable fluctuations or unwarranted changes in
prices, or other unlawful activity that is causing major market
disturbances that prevent the market from accurately reflecting
the forces of supply and demand for energy commodities.

Passed the House of Representatives June 26, 2008.

Attest:

LORRAINE C. MILLER,

Clerk.
Calendar No. 864

110th CONGRESS

2d Session

H. R. 6377

_______________________________________________________________________

AN ACT

To direct the Commodity Futures Trading Commission to utilize all its
authority, including its emergency powers, to curb immediately the role
of excessive speculation in any contract market within the jurisdiction
and control of the Commodity Futures Trading Commission, on or through
which energy futures or swaps are traded, and to eliminate excessive
speculation, price distortion, sudden or unreasonable fluctuations or
unwarranted changes in prices, or other unlawful activity that is
causing major market disturbances that prevent the market from
accurately reflecting the forces of supply and demand for energy
commodities.

_______________________________________________________________________

July 8, 2008

Read the second time and placed on the calendar