Obama administration eyes energy markets for fraud

[DainBramaged]

Source: Reuters

With U.S. gasoline pump prices soaring, the Obama administration on Thursday unveiled a working group of federal agencies to probe potential fraud in the energy markets.

The White House is worried that if average gas prices rise above $4 a gallon, the economic and political fallout could dominate next year's presidential campaign and drown out President Barack Obama's message of economic recovery.

Obama said there was no "silver bullet" to tame gasoline prices, but said he asked U.S. Attorney General Eric Holder to assemble a team of agency officials to "root out" cases of oil market fraud that affect pump prices, including actions by speculators.

"We are going to make sure that no one is taking advantage of the American people for their own short-term gain," Obama said in prepared remarks to a townhall-style meeting in Nevada.




Read more: http://www.reuters.com/article/2011/04/21/us-usa-energy...

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Yay, the excess profits have been made, yay perfect timing