The video blasted across the Internet, drawing political blood from Senator John McCain within a matter of days. Produced here in a cluttered former motel behind the Sony Pictures lot, it juxtaposed harsh statements about Islam made by the Rev. Rod Parsley with statements from Mr. McCain praising Mr. Parsley, a conservative evangelical leader. The montage won notice on network newscasts this spring and ultimately helped lead Mr. McCain,...
Congress sought to close the "dark markets" created by the Enron loophole in a provision of the farm bill that was enacted over President Bush's veto this month. Rather than remove the exemption entirely, Mr. Greenberger said, the new law creates a lengthy bureaucratic process involving case-by-case review of energy contracts, which he said is unlikely to result in re-establishing regulatory control over most electronic trading. Washington Times...
The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday. Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a...
The AP reports Sen. Barack Obama said Sunday that "as president he would strengthen government oversight of energy traders he blames in large part for the skyrocketing price of oil." Obama "singled out the so-called 'Enron loophole' for allowing speculators to run up the cost of fuel by operating outside federal regulation." The Obama campaign "blamed the loophole on former Sen. Phil Gramm," who serves as Sen. John McCain's...
MSNBC Countdown special report explaining how the Enron loophole is conected to inflated gas prices....
President Bush, reversing a longstanding position, will call on Congress on Wednesday to end a federal ban on offshore oil drilling, according to White House officials who say Mr. Bush now wants to work with states to determine where drilling should occur. The move underscores how $4-a-gallon gas has become a major issue in the 2008 presidential campaign, and it comes as a growing number of Republicans are lining...
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