Obama Urges Reins on Oil Speculators

By: Associated Press Email
By: Associated Press Email

Washington (AP) Barack Obama says he would crackdown on oil speculators as part of his energy plan.

He thinks oil speculation is largely to blame for $135-a-barrel crude. And Obama says a loophole inserted into a bill 8 years ago by a republican who's now a John McCain adviser is behind it.

Obama says his plan would close that loophole by requiring that U.S. Energy futures be traded on regulated exchanges. Currently, they're outside federal regulation. Congress has already acted to close the loophole, but Obama says his plan goes further.

Obama's campaign says former Texas senator Phil Gramm was behind the loophole, which he disputes. Gramm is a McCain co-chairman and economic adviser. A McCain spokesman says McCain has supported closing the loophole.

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