The Energy Markets Emergency Act of 2008 (H.R.6377) is a bill in the 110th Congress that "directs the Commodity Futures Trading Commission to use its authority to deal with issues causing major market disturbances." More specifically, the legislation directs the Commodity Futures Trading Commission

Commodity Futures Trading Commission

The U.S. Commodity Futures Trading Commission is an independent agency of the United States government that regulates futures and option markets....

 to utilize all its authority, including its emergency powers, to curb immediately excessive speculation

Speculation

In finance, speculation is a financial action that does not promise safety of the initial investment along with the return on the principal sum...

, price distortion

Distortion

A distortion is the alteration of the original shape of an object, image, sound, waveform or other form of information or representation. Distortion is usually unwanted, and often many methods are employed to minimize it in practice...

, sudden or unreasonable fluctuations or unwarranted changes in prices, or other unlawful activity that is allegedly causing major market disturbance

Disturbance

In ecology, a disturbance is a temporary change in average environmental conditions that causes a pronounced change in an ecosystem. Outside disturbance forces often act quickly and with great effect, sometimes resulting in the removal of large amounts of biomass...

s that prevent the market from accurately reflecting the forces of supply and demand for commodities.

Current status

On July 25, 2008, Republicans successfully blocked the Democratic majority's efforts to move the key piece of its energy legislation forward in the Senate. Sixty "yes" votes were required for the cloture motion to be successful, but the measure received only 50 "yes" votes with 43 lawmakers opposed. Senate Democrats said the legislation was needed to give the government new powers to curb alleged speculators, whom some lawmakers accuse of being behind the run-up in crude oil and gasoline prices. However, Senate Republicans strongly opposed the bill, arguing the legislation should be modified to also boost U.S. oil production by allowing more offshore drilling

Offshore drilling

Offshore drilling refers to a mechanical process where a wellbore is drilled through the seabed. It is typically carried out in order to explore for and subsequently produce hydrocarbons which lie in rock formations beneath the seabed...

 and developing vast oil shale

Oil shale

Oil shale, an organic-rich fine-grained sedimentary rock, contains significant amounts of kerogen from which liquid hydrocarbons called shale oil can be produced...

fields in the West.