There has been a lot of discussion in recent weeks about how an obscure law passed in 2000 is facilitating the rapid increases in the prices of oil and gasoline fuel we have seen in recent years. The so-called Enron Loophole was part of the Commodity Futures Modernization Act of 2000 and was inserted into the legislation by former Texas US Senator Phil Gramm, long recognized as being a prostitute for and a lapdog of the financial and banking industries efforts to minimize and reduce regulation and oversight by any level of government. This loophole in securities trading regulations basically allows financial traders and speculators to buy and sell oil futures with no oversight and documentation. This ease of exchange makes the likelihood of fraud, manipulation, and profit gouging virtually unstoppable. Congress has recently passed a comprehensive Farm Bill by a veto proof margin that includes some language to address this Enron Loophole, but further efforts are still required to negate and eliminate the loophole which has been brutally and ruthlessly exploited by speculators resulting in horrible and tragic costs for American citizens, their families, and small business nationally. It is truly amazing the stench of the Houston, Texas, based epitome of evil and greedy corporations continues to haunt and pain Americans still years after it went bellyup. Some speculate a full and complete closure of the loophole could result in gasoline fuel prices quickly falling by 25 % and possibly as much as 50 %.-
http://www.stopoilspeculators.com/
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http://blogs.abcnews.com/politicalradar/2008/05/congress-seeks.html
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http://www.pensitoreview.com/2008/06/22/closing-enron-loophole-would-drop-oil-prices/
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http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000
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