Bill Boosts Resources for Oil-Futures Monitoring
STEVE INSKEEP, host:
Just across the street from the Supreme Court, Congress is focused on a less lofty issue that nevertheless affects many people: high oil prices. Oil is still trading well above $130, and some lawmakers think the high prices are not just about high demand. They think speculators could be partly to blame.
Some lawmakers want to give more power to a commission that monitors the sale of oil futures. That's the market where you can effectively bet on future prices. New legislation proposes giving that commission more money, more manpower and more detailed information. As lawmakers debate, President Bush is in Europe today and he stopped at the Vatican, where Pope Benedict made a rare gesture.
He gave the president a tour of the Vatican gardens, a spot where popes pray privately and few others enter. In these ancient surroundings, the president chose a very American greeting. He declared: Your Eminence, you're looking good.