U.S. Democratic presidential hopeful Barack Obama has proposed a
clampdown on energy speculation which he believes is responsible for
record-high oil prices.
Senator Obama Sunday announced the
proposal, which would close a legal provision that exempts energy
commodies from government oversight.
Critics say the
deregulation measure, signed in 2000 by then-President Bill Clinton,
opened the way to uncontrolled speculation in the oil markets.
price of gasoline has become a campaign issue between Obama and
presumptive Republican nominee John McCain. Senator McCain wants
Congress to lift a ban on offshore oil drilling, while Obama says such
a measure would not help the problem in the short term.
Obama's announcement concides with a major energy summit in Saudi Arabia on ways to rein in the high oil prices.
Some information for this report was provided by AFP, AP and Reuters.