From the ArcaMax Publishing, Politics Newsletter:
http://www.arcamax.com/news/politics/s-367085-380506
WASHINGTON (UPI) -- U.S. Democratic presidential candidate Barack
Obama has announced new proposals aimed at controlling the high cost
of energy.
ABC News reported Sunday that part of Obama's plan would close the
so-called "Enron loophole," which was enacted in 2000 and exempts from
federal regulation energy speculators who make trades electronically.
"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 a gallon," the Illinois senator
said in a statement.
Obama also is calling for the Federal Trade Commission and Justice
Department to investigate price manipulation in the oil markets.
Obama's Republican opponent, Arizona Sen. John McCain, in the past has
called for the Enron loophole to be closed, his campaign said.
"The truth is Barack Obama is following John McCain's lead to close a
Wall Street loophole that was signed into law by President Bill
Clinton," McCain spokesman Tucker Bounds said. "John McCain has
supported bipartisan efforts to close this loophole and will work to
address abuses in oil speculation. Barack Obama has voted the party
line for Democrats who claim the loophole is fixed."