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Team to probe oil market fraud, manipulation: Obama
April 21, 2011 / 6:59 PM / in 7 years

Team to probe oil market fraud, manipulation: Obama

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.

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

“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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