WASHINGTON -- When the U.S. Senate returns from its recess later this month, one task before it will be to salvage the oil speculation bill (S 3268) that is threatened by a large number of amendments that have been attached to it.

The "Stop Excessive Energy Speculation Act" was intended to make the process of speculating in oil futures more transparent and to limit those who are allowed to trade in oil futures to those who actually produce or buy petroleum or its products.

As pointed out in an article in the Aug. 1 issue of Bus & Motorcoach News, some of the speculators that would presumably be allowed to stay in the game are among the largest operators in the bus industry.

However, the effort to cut down on profiteering in energy seems to be sinking under the weight of 158 amendments that have been attached to the bill by senators on both sides of the aisle.

The bill's sponsor, Senate Majority Leader Harry Reid, D-Nev., urges passage of the legislation as a short-term method for bringing down the price of oil.

Supporters believe the new powers granted to the Commodity Futures Trading Commission in the bill would have an immediate impact on the price of oil (which has doubled over the past year), providing some relief until longer-term measures, such as conservation and alternative fuels, have had time to take effect.

Some Republicans are skeptical of the impact that speculation-only legislation will have on a complex problem like the high price of fuel.

Other critics, while supporting the bill, are disappointed that Congress has not put together a comprehensive energy bill that would reduce demand, lower speed limits, provide technology tax incentives, and increase oil drilling, for example.

The oil speculation legislation is supported by the United Motorcoach and American Bus associations and other trade and business organizations through a coalition called "Stop Oil Speculation Now."