Another Baron Lie: The Speculator Loophole

The News & Tribune has an article about Baron Hill’s efforts to close the so-called speculator loophole:

Rep. Baron Hill, D-Ind., plans on pushing stricter regulations for oil speculators when Congress reconvenes in September.

The idea of cracking down on oil speculators may sound like “Washington speak,” but the congressman feels it could result in lowering prices at the pump for the short-term, said Katie Moreau, communications director for Hoosiers for Hill, his campaign organization.

“What Baron wants to see happen is his bill enacted to put back regulations that were taken out in 2000,” Moreau said.

The basis of a measure Hill is pushing — which Moreau said will be supported by several other Congress members and will be presented to Speaker of the House Nancy Pelosi next month — is that speculators are artificially driving up the price of oil based on a presumed shortage.

As I have already noted in extensive posts, this is a crock.

(Read more after the leap)

Baron Hill voted, in 2000, for the speculator loophole that he now says he wants to close.

That speculator loophole was–more than just about anyone–sought and lobbied for by Enron.

The same year that he voted to create this speculator loophole, Baron Hill took campaign contributions from Enron.

Now, with every Hoosier paying record prices at the pump for the results of his bad decision eight years ago, Baron Hill says that he wants to close the speculator loophole.

Why didn’t he oppose it way back when it was created? He voted for it then. He took money from the special interests that wanted to create it.

Again and again, Baron Hill’s record is clear: higher gas prices.