Obama: New Task Force will Examine Gas Prices

After banning off-shore drilling, pledging to buy oil from Brazil, and refusing seriously curb the United States' use of foreign oil, President Barack Obama announced that a new task force will examine why gas prices are so high.  Hopefully this "task force" is simply a mirror that the President looks into every morning.

The President's stated goal is to "root out" reasons why prices are going up.  I assume he will not find himself at fault, but rather a myriad of other reasons.  Now, don't get me wrong, the President is not the only reason why prices are skyrocketing, but he is certainly one of the major reasons in the US.

President Obama continued: "We are going to make sure that no one is taking advantage of the American people for their own short-term gain."

Obama: Can't figure out why gas prices are going up

Yahoo! continues:

Obama, decrying such levels as yet another hardship "at a time when things were already pretty tough," said Holder was forming the Financial Fraud Enforcement Working Group. 

The task force will focus some of its investigation on "the role of traders and speculators" in the oil-price surge Obama said. The group will include several Cabinet department officials, federal regulators and the National Association of Attorneys General. 

In Washington, Holder said he would press ahead with the investigation, even though he did not cite any current evidence of intentional manipulation of oil and gas prices or fraud. 

"Based upon our work and research to date, it is evident that there are regional differences in gasoline prices, as well as differences in the statutory and other legal tools at the government's disposal," Holder said in a memo accompanying a statement announcing the task force. "It is also clear that there are lawful reasons for increases in gas prices, given supply and demand."

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