US: Oil Futures Speculation Will Flourish

The House of Representatives of the United States defeated a bill to prevent excessive speculation on oil trading on Wednesday in a dispute over off-shore drilling and developing oil shale reserves.

"This is no substitute for a real bill on drilling," said House Republican Leader John Boehner, of Ohio. The White House also threatened to veto the bill. The measure, to tighten position limits on energy and agricultural futures contracts, was defeated by a vote of 276-151 under rules that required a two-thirds majority, or 291 votes, to pass.