Enron

As President, Barack Obama will restore common-sense regulation to ease the impact of soaring gas prices

June 22, 2008 -- Chicago, IL - Senator Barack Obama today announced his plan to crack down on excessive energy speculation and fully close the "Enron Loophole" to ease the impact skyrocketing gas prices.

California gas prices, June, 2008: Photo by .pie (CC)    » read more »

June 2, 2008 -- With the summer harvest season right around the corner, and roadside produce stands popping up at country intersections across the state, the end of spring is a mouthwatering time to think about Michigan agriculture.

When, after months of delays, Congress recently passed the Food, Conservation and Energy Act of 2008, also known as the Farm Bill, the season was appropriate. This critical legislation – which was passed over a presidential veto – will offer a boost to the Michigan farmers who sell their produce locally and who send Michigan-grown agriculture across the country. The bill will also crack down on speculators who are driving high energy prices, and offer much-needed support for conservation, biofuels and nutrition programs.    » read more »

Senate votes to block measure to drill in ANWR and off California’s Coast; Halt shipments to the Strategic Petroleum Reserve

May 13, 2008 -- Washington, DC – U.S. Senator Dianne Feinstein (D-Calif.) voted on two key energy votes in the Senate today. The measures were introduced as amendments to the Flood Insurance Reform and Modernization Act, which was approved by the Senate today.

* Senator Feinstein voted against opening up ANWR and drilling on the Outer Continental Shelf off the coast of California. The amendment, which was offered by Senator Mitch McConnell (R-Ky.), failed by a vote of 42-56.    » read more »

May 8, 2008 -- Washington, DC – U.S. Senators Dianne Feinstein (D-Calif.) and Olympia Snowe (R-Maine) today urged the Commodity Futures Trading Commission (CFTC) to ensure adequate market protections for the trading of U.S. energy future contracts on international markets.

Oil refinery at sunset: Photo by LinBow (CC)

Senators Feinstein and Snowe have been the lead sponsors of legislation to help prevent manipulation, excessive speculation and fraud in electronic energy markets. Since 2000, the trading of electronic commodities, like oil or natural gas, has been exempt from federal regulation under the so-called “Enron Loophole.”    » read more »

January 22, 2008 -- "For the last five years, lower courts have been considering whether the powerful, politically connected financial institutions at the center of the Enron fraud will have to answer to investors for what they did. And now we have the final answer from the Supreme Court. They will not.    » read more »

December 13, 2007 -- "Mr. President, for the past five years, I’ve been working with my colleagues to close the Enron loophole that, since 2000, has exempted electronic energy markets for large traders from government oversight. This loophole opened the door to price manipulation and excessive speculation, and American consumers have been paying the price ever since with sky-high prices for crude oil, natural gas, gasoline, diesel fuel, home heating oil, propane, and other energy commodities vital to a functioning U.S. economy.    » read more »

Increases Transparency in Energy Markets; Legislation has broad support of Industry and CFTC

December 13, 2007 -- Washington, DC – The Senate today unanimously approved a measure offered by U.S. Senators Dianne Feinstein (D-Calif.), Carl Levin (D-Mich.), and Olympia Snowe (R-Maine) to close the “Enron Loophole.” Since 2000, this loophole has exempted electronic energy markets for large traders from government oversight. The measure was approved as part of the reauthorization of the Commodity Futures Modernization Act.    » read more »