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Obama Targets Oil Speculators

Will GOP block enforcement efforts?

by on Apr.19, 2012

President Barack Obama wants to crack down on oil speculators.

Facing political pressure to drive down near-record prices for gasoline. President Barack Obama wants to take action against energy traders and speculators, who are potentially earning record profits from the upward movement in oil prices, by “putting more cops on the beat.”

Obama wants Congress to strengthen federal supervision of oil markets and empower regulators to increase the amount of money energy traders are required to put behind their transactions.  Energy analysts contend that the current system makes it far too easy for speculators to manipulate prices with little downside risk.

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“Even if we drilled every square inch of this country right now, we’d still have to rely disproportionately on other countries for their oil. That means we pay more at the pump every time there’s instability in the Middle East, or growing demand in countries like China and India,” Obama said during remarks in the White House Rose Garden.


Obama to Outline Plans for Dealing With Oil Prices at Indy Parts Plant

Allison Transmission plant produces hybrid systems for buses and truck.

by on May.05, 2011

Pres. Obama during a visit to the Chevy Volt plant.

President Barack Obama is expected to address the issue of rising oil prices, on Friday, during a visit to a parts plant in Indianapolis that produces fuel-saving hybrid systems for buses and trucks.

The president is hoping to maintain the momentum offered by the weekend take-down of terrorist leader Osama bin Laden as he tackles one of the toughest issues facing the nation today.  With job growth faltering, some analysts believe near-record fuel prices are threatening to push the U.S. back into recession.

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Obama last week announced his goal of increasing domestic oil and exploration and production, while making automobiles and trucks more fuel-efficient and encouraging the switch to electric and other forms of alternative propulsion.

But the steady increase in fuel prices, now nearing $4 a gallon nationwide – and $5 in a few key markets, like Southern California – is becoming a short-term political liability.  At the current rate, oil industry analysts say, a gallon of regular could soon top the July 2008 all-time peak of $4.11.  And some are forecasting the figure may hit $5 before leveling off.