Barack Obama to Attack Rampant Energy Speculation

With oil and gas prices soaring, Sen. Barack Obama announced today a plan to clamp down on excess energy speculation and shut down the "Enron Loophole."

Oil and gas prices are among the main causes of the current economic downturn, and contribute also to the rising cost of food.

Obama Announces Plan to Crack Down on Excessive Energy Speculation

by Christopher Hass, Sunday, June 22, 2008 at 10:13 AM

Senator Obama announced a plan today to crack down on excessive energy speculation and fully close the “Enron Loophole” to ease the impact of skyrocketing gas prices. The Enron Loophole was created by McCain campaign co-chair Phil Gramm at the behest of Enron, and exempts most over-the-counter energy trades and trading on electronic energy commodity markets from regulation.

In his statement, Senator Obama explained:

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 $4.00 a gallon. 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.

Read the full Obama Plan to Crack Down on Excessive Energy Speculation . . .