It appears Reid, Dorgan have introduced a new bill called the Stop Excessive Energy Speculation Act of 2008, S.3268.
While they talk about the London loophole, so far it appears they are not closing the Enron loophole previously discussed.
We should take a look at this and see if it's watered down. Already the news is blasting it claiming since it is not speculators this bill does nothing.
My attitude is if they lived without the Enron loophole just fine before 2000 and we know it was abused by Enron, why not close it, if it makes no difference with oil so be it, but I don't see closing it hurting anything.