St. Petersburg, Florida -- In 2008 Barack Obama promised to help Americans with high gas prices by imposing a windfall profits tax on oil companies and by closing the so-called Enron loophole which exempts some energy commodities from government oversight.
Four years later with prices nearing $4 a gallon Obama has failed to deliver on either promise.
Gregg Laskoski, a senior petroleum analyst with GasBuddy.com says closing the Enron loophole would end some oil speculation and help drive down gas prices.
"Believe it or not, many people will tell you that speculation alone can add anywhere from 25% to 50% of the price of crude as well as gasoline."
Laskowski notes closing the loophole could drive prices down by $1.50 or more per gallon.
Last year PolitiFact also ruled Obama's 2008 pledge to impose a windfall profits tax on oil companies a broken promise after the President failed to include it in any of his budgets.
The Obama administration has said they dropped the idea of closing the Enron loophole after prices at the pump dropped.
On Tuesday, Obama also re-iterated that he has asked the Attorney General and a special task force to take a closer look at oil speculation.
According to AAA the nationwide average for a gallon of gas is now $3.76.