Obama calls for oil crackdown

The Politico ^

[Sub-Driver]

Obama calls for oil crackdown By: Mike Allen June 22, 2008 12:39 PM EST

With the cost of gas a top issue in the presidential campaign, Barack Obama on Sunday will announce a plan to crack down on oil speculation by tightening regulations on energy traders.

The announcement is further evidence that an Obama administration would take an activist, populist approach to regulating business.

Obama wants to close a loophole in federal law that exempts some energy traders from regulations that govern other exchange-traded commodities. Democrats call this “the Enron loophole” because it benefited the Houston energy-speculation firm that collapsed in an accounting scandal.

The Obama campaign accuses Phil Gramm — the former U.S. senator from Texas, who’s now a McCain campaign co-chair and economic adviser — of helping insert the exemption. Gramm's wife, Wendy, was a member of the Enron board of directors.

So today’s announcement — in an early-afternoon conference call featuring New Jersey Gov. Jon Corzine — allows the Obama campaign to both side with consumers and take a whack at McCain’s brain trust.

Obama said in a statement: “My plan fully closes the Enron Loophole and restores common-sense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future.”

[Psycho_Bunny]

Wow. Dumb. Even for a Democrat.

[tbpiper]

Obama calls for oil crackdown

Behold, the Marxist speaks. I already dislike this guy far more than I ever disliked Slick Willy.

[Yorlik803]

Well, there may not be any gasoline, but at least it will be cheap.

[shrinkermd]

Let us see world wide consumption is 85 million barrels a day. US consumption is about 21 Million—sometimes up to 25 million—with 7 million being domestic production.

Drill for more. Drill now. Keep on drilling and do those 35 uranium driven power stations.

[A_perfect_lady]

“common sense regulation.” Good thing I’m already sitting down.

[yongin]

***if this dunce is elected by 2012 we’ll have $8 a gallon gas, 12% unemployment and one or more major attacks on our soil by terrorists.***

I have no doubt. The problem is the media will still tout Obama as the great president ever and any criticism of him to be racism. Plus when President Obama stumbles, the media will air stories of corruption by Bush and claim that all problems are Bush’s fault. Obama needs 8 years to cleanup.

[knarf]

"he's dumber than Reid and Pelosi........"

No he's not ... he's following a plan designed to enslave America in political machinery, social (re)indoctrination/engineering, financial ruin for the individual ... oops ... I think here is the crux of the matter ... we are becoming a name tag and not an e pluribus unum.

Not long ago Mich said that Barak would run a nation where it was expected that everyone would have to make personal changes in their lives and work for their nation (or words to that effect).

Seems to me we will have a true, controlled populace a la fahrenheit 212 (or whatever the number is ...) no one will be allowed to develop on their own and any semblance of a free individual will be erased from the "American" experience.

I know in some small circles I am aware/part of ... a revolt is developing in the hearts of patriots.

It's going to be ugly, imo .. before this is all over.

[From The Deer Stand]

Obama: proof that you can run for the office of president without having a clue.

[Southerngl]

Yes, because the traders are the problem.

[Disambiguator]

I have no doubts if this dunce is elected by 2012 we’ll have $8 a gallon gas, 12% unemployment and one or more major attacks on our soil by terrorists.

Probably more like $18/gallon gas. We could see $8 within a year, if things keep going the way they have.

[tanknetter]

So today’s announcement — in an early-afternoon conference call featuring New Jersey Gov. Jon Corzine — allows the Obama campaign to both side with consumers and take a whack at McCain’s brain trust.

If Obama wants use Corzine to go after McCain using Phil Gramm as a whipping boy, perhaps someone should point out that Corzine almost died as the result of a wreck where the SUV he was being chauferred in was being driven at over 90mph.

What's the MPG of a Chevy Suburban going that fast again?

[PugetSoundSoldier]

My license plate ends in “B” (letters end truck plates here in Washington State). I guess I don’t get to buy gas!

[depressed in 06]

You, sir, are an optimist.

When do we change out name from United States of America to Zimbabwe West?

[kcvl]

Obama is dumb but he is also surrounding himself with people just as dumb (many former Clinton advisers).

******

As the new economic policy director on Senator Obama's presidential bid, Jason Furman

The fears that Mr. Furman is a front for Mr. Rubin are driven by Mr. Furman's appointment in 2006 to oversee the Brookings Institution's Hamilton Project, an economic policy research shop set up by Mr. Rubin and other former Clinton aides.

Jason Furman was the behind-the-scenes hero of the defeat of George Bush's 2005 Social Security privatization plan.

* Jason Furman's mother, Gail, is a renowned child psychologist and a donor to Democratic candidates and causes. Mr. Furman serves as secretary of a family foundation headed by his mother that supports mostly left-leaning nonprofit groups. Federal filings shows that the foundation's largest grants in 2006 went to a leadership-development group affiliated with the San Francisco-based Tides Center, the Council on American Life; the Auburn Theological Seminary in Manhattan; and a Washington-based organization aimed at ferreting out conservative bias in the press, Media Matters for America.

Other economic advisers include:

Austan Goolsbee - columnist for Slate.com and the NY Times, as well as a standup comedian

David Cutler, a Harvard economist who was also an adviser to Bill Clinton

Jeffrey Liebman, a Harvard economist who was an adviser to Bill Clinton

Obama's other economic advisers: Robert Reich (former Clinton Labor Secretary), Jared Bernstein (labor-friendly Economic Policy Institute), and Paul Volcker (Federal Reserve)

******

Obama's most influential foreign policy advisers--former Clinton officials like Assistant Secretary of State Susan Rice, Navy Secretary Richard Danzig, and National Security Advisor Tony Lake amd recently added former secretary of state Madeleine Albright and former U.N. ambassador Richard Holbrooke.

[Fox_Mulder77]

3) Work with Other Countries to Coordinate Regulation of Oil Futures Markets.

I think he'd say to you, "I will do more than repeat the failed policies of GWB. I will work with the world to create fair futures markets that won't exploit the average American." HEHE ;-p

[gitmo]

It was odd and even during the 70’s if I remember correctly.

I was odd days. I remember leaving the house at 4:00 AM so I could get through the gas lines in time to get to work at 8:00. We would sit in our cars shivering ... couldn't run the engines to keep warm because we were only going to be allowed a few gallons of gasoline when we got to the pump.

I worked at a zoo. A lot of exotic animals died because we couldn't heat the buildings.

[Mojave]

What's the MPG of a Chevy Suburban going that fast again?

I think it depends on the level of ethanol contamination in the gasoline.

[oswegodeee]

"I think my license plate means I will get gas on even days of the month. It was odd and even during the 70’s if I remember correctly." Oh, I remember it well. Back then there were no self serve stations, an attendant filled your tank. Well, that day I was on line to get my $2.00 worth because that was all they would let you have. Up ahead there was a commotion, so I went a bit closer to see and all of a sudden their was a gun shot, and the attendant was on the ground. It turned out that an irate traveling salesman who needed more than 2 bucks worth of gas got mad because he couldn't convince the attendant to give him more so he could attend to his sales route.

This will happen again I'm afraid, what with road rage, this is just another reason to get crazy.

[mel]

I agree that is the change we will get!

[C210N]

While the speculator IS an aspect to oil/gas prices, it is not a solution in itself. By drilling/refining/nuking, and by being serious about it, the speculators will go bankrupt in short order, as prices plummet on the REAL threat to them: more domestic oil/gas to be factored into futures prices.