| WASHINGTON, D.C. – U.S. Congressman Sam Graves voted this week to close the Enron loophole and crack down on speculators and scam artists who manipulate oil and natural gas prices.
Today marks the second time that the House considered H.R 6604. In July, H.R. 6604 failed to reach the two-thirds majority needed to pass in the House. The two-thirds majority was required due to a procedural tactic to block a vote on drilling in ANWR and in the Outer Continental Shelf.
“I am glad that Nancy Pelosi finally put the partisan political games aside and allowed an up or down vote on closing the Enron loophole,” said Graves. “Now Congress needs to hold an up or down vote on new drilling in ANWR and in the Outer Continental Shelf.”
Graves has played a leading role in bringing increased transparency and oversight to the energy commodities market. In the 109th Congress, Graves introduced the Commodities Exchange Improvements Act of 2005. In the 110th Congress, Graves co-authored H.R. 3009, The Market Transparency Reporting of United States Transactions Act of 2007. Most recently, Graves worked on a provision in the Farm Bill to shed more light on all energy commodities and how they are traded.
“Going after speculators is an important part of dealing with our energy crisis, but it is only part of the solution,” said Graves. “Congress must do everything it can to solve our energy crisis. That means allowing American companies to drill for American oil in Alaska and in the Outer Continental Shelf. It also means investing in alternative fuels like ethanol, biodiesel, and wind energy.”
H.R 6604 was passed with a vote of 283 to 133.
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