Team to probe oil market fraud, manipulation: Obama

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U.S. President Barack Obama speaks at a fundraiser at Nob Hill Masonic Center in San Francisco, April 20, 2011. REUTERS/Jim Young

U.S. President Barack Obama speaks at a fundraiser at Nob Hill Masonic Center in San Francisco, April 20, 2011.

Credit: Reuters/Jim Young

RENO | Thu Apr 21, 2011 3:42pm EDT

RENO (Reuters) - President Barack Obama said on Thursday the U.S. attorney general was assembling a team to root out any fraud and manipulation in the oil markets that might be contributing to higher U.S. gasoline prices.

"The truth is, there's no silver bullet that can bring down gas prices right away," Obama said in prepared remarks for his opening statement at a townhall-style meeting in Nevada.

"The Attorney General's putting together a team whose job it will be to root out any cases of fraud or manipulation in the oil markets that might affect gas prices - and that includes the role of traders and 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.

(Reporting by Jeff Mason, writing by Matt Spetalnick, editing by Alister Bull)
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Comments (55)
PrincipeReale wrote:
Finally, something Obama knows something about. Fraud and manipulation. He’s from Chicago, doen’t ya know.

Apr 21, 2011 3:17pm EDT  --  Report as abuse
nomoeobam wrote:
Just smoke and mirrors to distract from the dismal failure of his energy policy. Wait, that cannot be it, Obama has no cohesive energy policy.

Apr 21, 2011 3:56pm EDT  --  Report as abuse
nhughes5 wrote:
Just be glad someone is looking into the excessive high prices for oil. I don’t care who or which party they represent!

Apr 21, 2011 4:04pm EDT  --  Report as abuse
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