facebook
twitter
rss
account
search
search
 

Obama calls for end to energy loophole

June 22, 2008 at 10:36 PM   |   Comments

WASHINGTON, June 22 (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."

Topics: John McCain
© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Northrop Grumman developing reusable space plane for lifting spacecraft into orbit
2
American photojournalist James Wright Foley executed by Islamic State
3
New York Post defies #ISISMediablackout with graphic James Foley cover
4
Texas man on trial for 'public execution' of drunk driver
5
Last hostages freed, suspects arrested in Harvey, Ill.
Trending News
Video
x
Feedback