Close Loophole

Political Freelancers Use Web to Join the Attack

Mon, 30 Jun 2008 16:55:10 -0600

The video blasted across the Internet, drawing political blood from Senator John McCain within a matter of days. Produced here in a cluttered former motel behind the Sony Pictures lot, it juxtaposed harsh statements about Islam made by the Rev. Rod Parsley with statements from Mr. McCain praising Mr. Parsley, a conservative evangelical leader. The montage won notice on network newscasts this spring and ultimately helped lead Mr. McCain, the likely Republican presidential nominee, to reject Mr. Parsley's earlier endorsement.

New York Times

'Enron loophole' enables oil speculation

Tue, 24 Jun 2008 14:17:18 -0600

Congress sought to close the "dark markets" created by the Enron loophole in a provision of the farm bill that was enacted over President Bush's veto this month. Rather than remove the exemption entirely, Mr. Greenberger said, the new law creates a lengthy bureaucratic process involving case-by-case review of energy contracts, which he said is unlikely to result in re-establishing regulatory control over most electronic trading. Washington Times

Gas could fall to $2 if Congress acts, analysts say

Mon, 23 Jun 2008 18:34:51 -0600

The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday. Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135. MarketWatch

Obama Vows To Close "Enron Loophole"

Mon, 23 Jun 2008 18:24:05 -0600

The AP reports Sen. Barack Obama said Sunday that "as president he would strengthen government oversight of energy traders he blames in large part for the skyrocketing price of oil." Obama "singled out the so-called 'Enron loophole' for allowing speculators to run up the cost of fuel by operating outside federal regulation." The Obama campaign "blamed the loophole on former Sen. Phil Gramm," who serves as Sen. John McCain's campaign "co-chairman and economic adviser." The Washington Post reports Obama "laid out a four-step program that would, among other things, close" the loophole. The "three other components of the plan, as described by Obama economic adviser Jason Furman, are to ensure that U.S. energy futures cannot be traded in offshore, unregulated markets; to work toward international regulation of oil futures markets, in cooperation with like-minded countries; and to have both the Federal Trade Commission and the Justice Department investigate the oil markets." The New York Times says, "How large a role speculative investment plays in pushing up oil and other commodity prices is not entirely clear." U.S. News & World Report

McCain, Gas Prices and the Enron Loophole

Sat, 21 Jun 2008 20:12:32 -0600

MSNBC Countdown special report explaining how the Enron loophole is conected to inflated gas prices.

Bush Will Seek to End Offshore Oil Drilling Ban

Wed, 18 Jun 2008 18:29:32 -0600

President Bush, reversing a longstanding position, will call on Congress on Wednesday to end a federal ban on offshore oil drilling, according to White House officials who say Mr. Bush now wants to work with states to determine where drilling should occur. The move underscores how $4-a-gallon gas has become a major issue in the 2008 presidential campaign, and it comes as a growing number of Republicans are lining up in opposition to the federal ban. New York Times

Unregulated Oil Futures Markets Driving Gas Prices

Tue, 11 Mar 2008 19:44:23 -0600

Fighting Big Oil

Thu, 14 Feb 2008 19:48:35 -0600