Senate energy speculation bill fails key vote.

Legislation to rein in excessive energy speculation failed a key procedural vote on Friday to move forward in the Senate, and now lawmakers will set aside the bill to consider other legislation.

The House of Representatives may take up its own anti-speculation bill next week, and then lawmakers will get ready to leave for their month-long recess in August.

Sixty "yes" votes were required in the 100-member Senate for the bill to move forward, but the measure received only 50 "yes" votes, while 43 lawmakers opposed.

Senate Democrats said the legislation was needed to give the government new powers to curb speculators, whom many lawmakers accused of being behind the run-up in crude oil and gasoline prices.