Energy Speculators Beware…

White House hopeful Barack Obama, seen here on June 20, pushed Sunday for a clampdown on energy speculation with new proposals that his campaign argued would more than halve the record-high price of oil.(AFP/Getty Images/File/Jeff Haynes)

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Beyond just supply and demand stands energy speculation and the power of hedge fund investors and investment bankers. Who in a day can drive the price of a barrel of oil up $10 and thus run the price of gasoline and petroleum products around the world. In many cases speculators are driving the price of oil to unfounded heights simply because they can and make lots and lots of money in the process. It\’s one thing to have to deal with not so friendly oil producing countries like Venezuela and Iran but to have to fight the markets and the greed factor that goes with it is an issue that needs to be refined with oversight.

Barack Obama came out today and put energy speculators on notice and is pushing hard to close commodity loopholes like the \”Enron Loophole,\” which exempts energy speculators who make trades electronically from US regulation. Some argue that the unregulated energy speculation, enacted in 2000, is driving record oil profits up and allowing investors the power to dictate the world oil market.

Obama Announces Plan to Crack Down on Excessive Energy Speculation

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Michelle Obama Making Inroads With Women

Michelle Obama, wife of Democratic presidential candidate Barack Obama, addresses about 900 people at the National Partnership for Women and Families annual luncheon, June 20, in Washington, DC.(AFP/Getty Images/File/Chip Somodevilla)

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