Washington lawmakers eager for a summer recess failed to pass two measures aimed at greater regulation of commodities trading. The Stop Excessive Energy Speculation Act of 2008 died in the Senate, while last-minute lobbying by the White House allegedly killed the Commodity Markets Transparency and Accountability Act in the House. A statement released by the president shortly before the House vote criticized the latter bill for "poorly targeted short-term measures that [did] nothing to address the fundamentals of supply and demand that bear the primary responsibility for current high energy prices."

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