Obama targets oil price manipulation
WASHINGTON (AP) – President Barack Obama pushed Congress Tuesday to give oil market regulators more muscle to deter price manipulation by speculators, the latest White House response to determined Republican attacks on administration energy policies amid high gas prices at the pump.
Obama wants Congress to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.
“We can’t afford a situation where some speculators can reap millions while millions of American families get the short end of the stick,” Obama said at the White House.
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