Team to probe oil market fraud, manipulation: Obama

RENO Fri Apr 22, 2011 8:25am EDT

A gas nozzle is used to pump petrol at a station in New York, February 22, 2011. REUTERS/Shannon Stapleton

A gas nozzle is used to pump petrol at a station in New York, February 22, 2011.

Credit: Reuters/Shannon Stapleton

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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 (16)
robertpv1 wrote:
HELLO! Were being taken advantage of right now Mr. Obama. As the president, you don’t need to put together a “team” and waste tax payer money during the process to get gas prices lower. You have the power to do this on your own. More talk and no walk from the great ego.

Apr 22, 2011 9:08am EDT  --  Report as abuse
DaBond wrote:
Look at the gains posted by the big oil companies: why not give something back to America, and lower the pump prices to 1950s prices for a few months? Why is Exxon still making money after all these Valdez years, and has not contributed an iota to America’s welfare?

Apr 22, 2011 9:52am EDT  --  Report as abuse
@Robertpv1

What exactly would you have the president do without information and staff? He needs experts in the field to handle this problem. He may have the power to act now, but with great power comes great responsibility.

Apr 22, 2011 9:57am EDT  --  Report as abuse
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