Obama already influences gas prices

Congress supported the Commodity Futures Modernization Act (CFMA) of 2000. What you probably did not know was just before the bill was voted on Phil Gramm slipped in a provision that has since been known as the Enron Loophole. Congress voted on and Clinton signed the bill without reading Gramm's last-minute provision.

The Enron loophole prevented regulators from fully overseeing oil futures and allowed speculation that drove up the price of oil. Bush refused to revoke the Enron loophole because all his friends were oilmen and they were making record profits.

When it became clear that Obama was going to win the election, the speculators started getting out of the market because they knew Obama would close the loophole one he was sworn in. This is why the price of gasoline at the pump has dropped. Before even starting his first day as president, Obama has made every American's life a little easier.

John D. Morgan

Arlington Heights