Obama Calls For Closing "Enron Loophole"

[Fireweed247]

The debate over how to bring down energy prices has occupied the center of the political stage in recent days, as drivers across the nation face sky-high gas prices, which in turn are driving up costs of food and other goods. Obama campaign's said today that he plans to ease the impact of rising gas prices by cracking down on excessive energy speculation through closing the so-called “Enron Loophole.”

http://firstread.msnbc.msn.com/archive/2008/06/22/1161113.aspx



Obama unveils clampdown on oil speculators

WASHINGTON (AFP) — White House hopeful Barack Obama attacked energy speculators Sunday, outlining new regulatory proposals that his campaign said would slash record-high oil prices and help hard-pressed consumers.

The Democrat attacked the so-called Enron loophole, a 2000 deregulation of oversight by the Commodity Futures Trading Commission that critics say opened the way to a speculative free-for-all in the oil markets.

"For the past years, our energy policy in this country has been simply to let the special interests have their way -- opening up loopholes for the oil companies and speculators so that they could reap record profits while the rest of us pay four dollars a gallon," Obama said in a statement.

"My plan fully closes the Enron loophole and restores common-sense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future," the Illinois senator said.
http://afp.google.com/article/ALeqM5jNJjgKkHGZkk3FAyRTqcgpJx_kdw