Obama Calls for More Regulation of Oil Industry
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

Senator Obama is calling for increased regulation of the oil industry to curb market manipulation by speculators, blaming soaring gas prices in part on an eight-year-old federal loophole spearheaded by a top backer of Senator McCain. The Illinois senator and other Democrats say speculation has risen since 2000, when Phil Gramm, then a Texas senator, inserted a provision — often called the “Enron loophole” — that exempted many energy traders from oversight. Mr. Obama said he would work to repeal the measure and crack down on energy futures that are traded through unregulated offshore exchanges. “For the past years, our energy policy in this country has been simply to let the special interests have their way — opening up loopholes for the oil companies and speculators so that they could reap record profits while the rest of us pay $4.00 a gallon,” the presumptive Democratic nominee said in a statement. In a conference call touting the plan, Governor Corzine of New Jersey said ending the loophole could have an impact on oil prices “certainly in the intermediate term if not in the short term.” He blamed Mr. Gramm, who is now a co-chairman of Mr. McCain’s campaign and an economic adviser. A spokesman for the McCain campaign, Tucker Bounds, said the criticism from Mr. Obama was meaningless because Mr. McCain had broken with his party several times to vote in favor of closing the loophole.
CLINTON DELIVERS COMMENCEMENT SPEECH, WILL RETURN TO SENATE
The Clintons are returning to the spotlight this week for the first time since Senator Clinton dropped her presidential bid and endorsed Senator Obama earlier this month. Mrs. Clinton delivered the high school commencement address at Pelham Preparatory Academy in the Bronx yesterday, referencing her historic White House run as she made good on a promise to a student who had asked her to speak. “I have just finished the most extraordinary experience that anyone could possibly have,” the former first lady told the graduates, according to NY1. She was introduced by the city schools chancellor, Joel Klein, who said: “Someday soon we’ll have a woman for president, and that woman will say, ‘I wouldn’t be here if it weren’t for Hillary Clinton.'” Mrs. Clinton is to return to the Senate for votes tomorrow, and she is scheduled to make her first public appearance with Mr. Obama at a fund-raiser Thursday and a campaign event Friday. Meanwhile, President Clinton addressed the U.S. Conference of Mayors yesterday in Miami, praising Mr. Obama’s energy plan in comparison to that of Senator McCain, Reuters reported.
MOVEON.ORG URGES MEMBERS TO PUSH OBAMA ON FISA BILL
The left-wing anti-war group MoveOn.org is urging its members to pressure Senator Obama to lead a filibuster against a bill updating the Foreign Intelligence Surveillance Act because it contains a provision granting retroactive immunity to telecommunications companies that help law enforcement monitor phone calls and e-mails. The House passed the measure last week after a contentious yearlong debate with the Bush administration, and the Senate is expected to approve it this week. Mr. Obama has said he supports the compromise but will work to scrap the provision granting retroactive immunity, and MoveOn.org wants its members to hold his feet to the fire. “Can you call Senator Obama today and tell him you’re counting on him to keep his word?” the group wrote in a message to members. The missive comes after MoveOn.org last week agreed to terminate its independent “527” arm in deference to Mr. Obama, and it signals that the presumptive Democratic nominee will face continued pressure from the party’s left wing as he strikes a more moderate tone for the general election.