Mr Obama outlined his plans as a part of his broader strategy to reduce US oil consumption by 35% by 2030, according to the news source.
The news source quoted Mr Obama as saying that his plan plugs the so called ‘Enron loophole’, a regulation introduced in 2000 to allow speculative oil trading on electronic exchanges. Such trading, for operating outside federal regulations, is being held accountable for the global surge in oil prices.
Mr Obama has also blamed his presidential rival John McCain’s economic advisor and Texas senator, Phil Gramm, for introducing a provision into the 2000 regulation at the instructions of Enron lobbyists, to exclude certain energy traders from government regulation.
