Obama unveils clampdown on oil speculators afp.google.com
Obama unveils clampdown on oil speculators
Added 801 days ago on June 24th, 2008
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.
Industry analysts say if not for speculators, oil prices would be half of what they are today. Congress is looking into what roles speculators may have played in rising gas prices. The House Energy Subcommittee on Oversight and Investigation heard from regulators, market chiefs and analysts Monday - but speculators were missing from the hearing.


Added by: ffox
Votes: 34
Ratings: 3
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Poll
Is oil being artificially bid up by speculative traders as suggested by Barack Obama?
Yes, increase in supply did not lower price
79%
No, market price reflecting supply and demand
21%
Closed on July 24th, 2008
This is not a scientific survey, click here to learn more. Results may not total 100% due to rounding and voting descrepencies.
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Posted by: james2044
4:07pm, June 24th, 2008
Re: Obama unveils clampdown on oil speculators
Increase in supply may not have lowered price But it filled the roads with pickups, SUV and Hummers. Want to see the cause of oil prices, look in the mirror.
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