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USA Barack Obama said as president he would strengthen government oversight of energy traders he blames in large part for the skyrocketing price of oil and the Democratic candidates campaign singled out the so called Enron loophole for allowing speculators to run up the cost of fuel by operating outside federal regulation. Oil closed near $135 a barrel on Friday almost double the price a year ago. My plan fully closes the Enron loophole and restores commonsense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future. Obamas campaign blamed the loophole on former Phil Gramm a Texas Republican who serves as Republican candidate john McCain co chairman and economic adviser. The Obama campaign accused Gramm of inserting a provision into a bill in late 2000 at the behest of Enron lobbyists that exempted some energy traders from government oversight. Houston based Enron collapsed in scandal in 2001 when it was discovered the company had vastly overstated its income. McCain spokesman tucker Bonds said McCain has supported efforts to close the loophole and noted the bill in question was signed into law by former president Clinton. The fact that Barack Obama is attacking John McCain despite McCains leadership on the issue shows that Barack Obama is driven by the partisan attacks that Americans are tired of Bounds said. McCains campaign supplied a copy of a letter Gramm wrote to Byron Dorgan DND on June 13 in which the former senator denied charges that the adoption of the bill was a secret maneuver. Gramm said he had nothing to do with the writing of the provision on regulation of energy trading. Obamas plan was outlined Sunday by new Jersey Government Jon Corzine former chairman and CEO of Wall Street investment firm Goldman Sachs during a conference call with reporters. Corzine said the volatility in the price of oil is absolutely indicative of speculation in the markets. Congress already has acted to close the loophole, including a provision in the huge farm bill that passed earlier this year. But Obamas campaign said the candidate would go further by requiring that USA energy futures be traded on regulated exchanges. Obama also would ask the commodity futures trading commission to consider whether traders should be subject to higher margin requirements. He also would work with other countries to regulate energy markets and press the Federal trade commission and the Department of Justice to investigate possible market manipulation.

Popularity: 1% [?]

Barack Obama hit back at rival Hillary Clinton on Saturday before a Wisconsin showdown next Tuesday in their Democratic presidential battle, as Clinton headed to the state for the first time.

Obama, a first-term Illinois senator, has beaten Clinton in the last eight state contests to gain the upper hand in their duel to become the Democratic presidential nominee in November’s election.

Obama has spent four days in Wisconsin since his last round of victories last Tuesday, while Clinton has focused on March 4 votes in Ohio and Texas hoping victories there will rejuvenate her flagging campaign.

Popularity: 2% [?]