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DainBramaged Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-21-11 02:48 PM
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Obama administration eyes energy markets for fraud
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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.

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Yay, the excess profits have been made, yay perfect timing
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  -Obama administration eyes energy markets for fraud DainBramaged  Apr-21-11 02:48 PM   #0 
  - I have an idea.  Ian David   Apr-21-11 02:57 PM   #1 
  - SWEET IDEA!! Little people speculation!  SkyDaddy7   Apr-21-11 03:07 PM   #5 
  - A 1000 gallons?  RUMMYisFROSTED   Apr-21-11 03:10 PM   #6 
  - I regularly buy home heating oil about 500 gallons at a time. n/t  Ian David   Apr-21-11 03:13 PM   #7 
     - Most people, however, buy fuel a dozen or two gallons/cubic feet at a time.  RUMMYisFROSTED   Apr-21-11 03:21 PM   #9 
  - This already exists in my neck-of-the-woods  SnowCritter   Apr-21-11 03:14 PM   #8 
  - Ooh, cool! n/t  Ian David   Apr-21-11 04:36 PM   #14 
  - A couple companies do this already  skyounkin   Apr-21-11 04:06 PM   #13 
  - Actually, this is excellent timing.  DCKit   Apr-21-11 03:00 PM   #2 
  - Oil ETF's shot up today, possibly on this news. Maybe b/c they know Holder won't touch them.  CrossChris   Apr-21-11 03:05 PM   #4 
  - I agree it was good timing only  goodnews   Apr-21-11 03:55 PM   #12 
  - About time!!!  elleng   Apr-21-11 03:00 PM   #3 
  - It's about time ...  aggiesal   Apr-21-11 03:34 PM   #10 
  - Make the Commodities Regulators do their job...that would be a first step.  Historic NY   Apr-21-11 03:43 PM   #11 
  - Love your signature line. ...  aggiesal   Apr-21-11 07:41 PM   #15 
     - be my guest... he also said "Thank God, we have a system of labor where there can be a strike"  Historic NY   Apr-21-11 08:45 PM   #30 
  - High gasoline prices prompt Justice Department to eye energy industry  William769   Apr-21-11 08:21 PM   #16 
  - The problem is that speculation for the sake of profit is LEGAL.  tridim   Apr-21-11 08:21 PM   #17 
  - but it can be limited, and has been, in the past,  elleng   Apr-21-11 08:21 PM   #19 
  - every president promises to look for fraud in oil prices when they are high  Teaser   Apr-21-11 08:21 PM   #18 
  - "...not to current evidence of any illegal conduct."  DCKit   Apr-21-11 08:21 PM   #20 
  - So Now They're Worried That......  Johnny Harpo   Apr-21-11 08:21 PM   #21 
  - No One Taking Advantage Of American Consumers......  global1   Apr-21-11 08:21 PM   #22 
  - It's bad enough to fill a gas tank for $68  julian09   Apr-21-11 08:21 PM   #24 
  - I'm not complaining about your position, haven't you heard,  WHEN CRABS ROAR   Apr-21-11 08:21 PM   #28 
  - Oh look at the dog and pony show!  Earth_First   Apr-21-11 08:21 PM   #23 
  - Holder is going to look for price gouging at stations  Bluenorthwest   Apr-21-11 08:21 PM   #25 
  - "SPECULATORS"!  Andy823   Apr-21-11 08:21 PM   #26 
  - +1000  Historic NY   Apr-22-11 12:31 AM   #31 
  - we're gonna take a look at that...  ixion   Apr-21-11 08:21 PM   #27 
     - I am under the impression that speculators can buy (on paper)  Gin   Apr-21-11 08:21 PM   #29 
  - It's a bubble and unless strict regulations are imposed, nothing is going to change.  fasttense   Apr-22-11 06:18 AM   #32 
  - Hey O. When are you going to eye Wall St. for fraud???  Hotler   Apr-22-11 07:50 AM   #33 
  - The horses left the barn a year ago ....  Trajan   Apr-22-11 08:48 AM   #34 

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