Senator Jon Tester on Drilling Bill

This is a rush transcript from "Your World with Neil Cavuto," July 17, 2008. This copy may not be in its final form and may be updated.

ALEXIS GLICK, GUEST HOST: Instead of drilling more, some leading Democrats are trying to drill the speculators, blaming them for driving up the price of oil. Right now, they're pushing a bill in the Senate that would crack down on those speculators.

Reaction now from Democratic Senator Jon Tester from Montana.

Good afternoon, Senator. Thanks for joining me.

So, tell me, speculation is the way you would like to fix this.

(CROSSTALK)

GLICK: What would the bill suggest that we do with speculators?

SEN. JON TESTER (D), MONTANA: There we go.

All right. Alexis...

GLICK: Hi, Senator. I'm sorry about that. I understand you couldn't hear.

Basically, what would this bill do in terms of fighting speculative activity in the commodities market?

TESTER: Yes.

Well, I think basically, what it will do is exactly what -- what you said, is it will put more transparency in the marketplace, and really deal with the folks on Wall Street who are -- are putting the boots to the people on Main Street, and, you know, come forth with that bill, and it's a part of the puzzle.

The other part of the puzzle is drilling and then doing some things for renewables on a long-term basis for this country, and, I think, you know, we start to put together an energy plan that this country has sorely missed.

GLICK: Right.

You know, Senator, I have talked to the commissioner of the CFTC, which is the exchange that's responsible for overseeing trading in the oil, the commodity. And the big issue they have is, we only control a third of the activity of the -- of the actual price of oil that's traded here. Two-thirds of it are traded away from us.

So, how much can we really do in terms of speculation here that will have a ripple effect across the globe?

TESTER: Well, I think -- I think -- you know, it's a big puzzle, obviously. And -- and we're a part of that puzzle. And I think that anything we can do to help is a step in the right direction.

I'm not saying the speculation thing is an end-all to the cost of high price of oil, absolutely not. But neither is drilling. Neither is putting all our eggs in the renewable energy basket. I think it's -- it's a big puzzle, and we -- we put forth every piece we can to help knock down oil prices, so that people can afford to live in this country and do business.

GLICK: All right.

So, the bill was introduced, as I understand it, yesterday. When do you think you can get some action or something put through?

TESTER: Well, I certainly hope it's next week.

I mean, that's -- that's what I'm planning on. Hopefully, we can get the bill on the floor, debate it, and vote on it. And I hope it happens next week, Alexis.

GLICK: All right.

Senator Tester, thanks so much for joining us this afternoon. We appreciate it.

TESTER: It, indeed, is a pleasure. Thank you, Alexis.

GLICK: All right.

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