Barack Obama is pledging to shut down the "Enron loophole" that he says allows energy speculators to manipulate the price of oil.

Continuing on a week of energy debate in the presidential election campaigns, Obama and presumptive Republican nominee John McCain have both offered solutions that they claim will help prevent the price of gas from continuing to spike above the current $4-plus dollars per gallon.

Obama announced Sunday that as president he wants to reduce U.S. dependence on foreign oil by at least 35 percent, or 10 million barrels of oil, by 2030 through increased fuel economy standards, investments in developing advanced vehicles and construction of a biofuel distribution infrastructure and more livable and sustainable communities.

But he also wants to go after a loophole that he blames on a John McCain campaign co-chairman that prevents the Commodities Futures Trading Commission from stopping excessive speculation in the oil market.

Congress just recently addressed the matter in a farm bill, but Obama says he wants to go further by limiting the amount that foreign and offshore markets can drive up U.S. price speculation.

"This provision was slipped into law by Senator Phil Gramm in late 2000 at the behest of Enron lobbyists to exempt some energy traders from the regulations and public protections applicable to exchange-traded commodities. As a result, the Commodity Futures Trading Commission (CFTC) is unable to fully oversee the oil futures market and investigate cases where excessive speculation may be driving up oil prices," Obama's campaign said in a statement.

"As president, Barack Obama will ... fully close the Enron loophole by requiring that U.S. energy futures trade on regulated exchanges," the campaign said, adding that Obama also wants the Federal Trade Commission to investigate and pursue price manipulation in oil markets.

McCain's campaign responded by saying that Obama is merely repeating a pledge that McCain already made.

"The truth is Barack Obama is following John McCain's lead to close a Wall Street loophole that was signed into law by President Bill Clinton," said McCain spokesman Tucker Bounds. "John McCain has supported bipartisan efforts to close this loophole and will work to address abuses in oil speculation. Barack Obama has voted the party line for Democrats who claim the loophole is fixed."

"It's hard to see how John McCain's top economic adviser Phil Gramm is going to push back against his own amendment," said New Jersey Gov. Jon Corzine, who addressed reporters Sunday about the loophole. Corzine alleged that if oil trading were properly regulated -- as it would be under Obama's plan -- oil would likely be trading at $60-$80 per barrel instead of $140. Prices were just around $135 per barrel when markets closed Friday.

The McCain campaign also noted Sunday that Gramm has denied having anything to do with the writing of the provision on regulation of energy trading. Enron collapsed in scandal in 2001 after drowning under the weight of its overstated income

Excessive speculation in the oil futures market is just one suggestion proposed by the candidates to reduce prices and limit U.S. dependency on foreign production.

Obama wants to enact a windfall profits tax on big oil companies that he says are not turning their profits back toward expanding innovation and efficiency. He wants to use that money to provide a tax cut for 150 million workers and eliminate income taxes for 10 million. He also plans to repeal oil and gas industry tax breaks and create security and emergency cooperation pacts with large oil users like China and India.

Obama opposes drilling off the U.S. coasts, saying it won't do anything to change the price or availability of oil for more than 10 years, and maybe more than 20. He says he wants 25 percent of electricity prouced by renewable sources by 2025. It's now at 1 percent. He also backs clean coal and natural gas intitiatves, and opposes President Bush's plan to store nuclear waste at Yucca Mountain in Nevada.

McCain does support storing nuclear waste at Yucca, and is looking at offshore drilling as a way to get off foreign oil. He also wants to get rid of the federal ethanol tax credit, temporarily suspend the federal gas tax and support bigger government incentives for nuclear energy. He says Obama's plan to tax the oil companies resembles one by former President Jimmy Carter, who presided over the 1979 oil crisis.

"John has said, 'Look, we need nuclear, 45 (new plants) by 2030. We need to drill offshore, give the states the right in the federal system to make that determination,'" former Homeland Security Secretary Tom Ridge, a McCain backer, told "FOX News Sunday."

"John understands that you can't pay for heating bills at this level or sustain these gas prices for the ordinary family. We need a long-term solution. We have to start now. And conservation and windmills and ignoring the reality is not going to do it," he continued.

One of the few energy policies that Obama and McCain do agree on is reducing carbon emissions. Obama wants it to drop 80 percent from 1990 levels through the middle of this century. Mccain wants a 60 percent drop.

They also have found common ground in their opposition to drilling in the Arctic National Wildlife Reserve in Alaska.

As for offshore drilling, which occurs about 50-80 miles from coastal areas, most Americans appear to be in line with McCain. According to a FOX News poll, 76 percent of the public wants domestic oil drilling to increase immediately. Only 20 percent of people oppose it.

FOX News' Caroline Shively and Aaron Bruns contributed to this report.