WASHINGTON — Senate Majority Leader Harry Reid, back from the Fourth of July break, last week delivered a typical harangue on Republican obstructionism and Democratic virtue that included a promise: By week's end, he would show Republicans his proposal to deal with "this speculation thing" that he calls the root cause of $4-a-gallon gasoline. It would attempt "to end speculation on the oil markets."

By week's end Friday, Republicans had seen nothing of Reid's ...

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