Friday, April 22, 2011

Obama Launches Investigation into Oil Markets

Obama Launches Investigation into Oil Markets : A lot of people have theories on why gas prices are skyrocketing these days: unrest in the Middle East, increased global demand... or is it just greedy oil companies?

That's what the Obama administration wants to find out. With gas prices continuing to soar, a trip to the local gas station is becoming a dreadful experience.


"I'm not going to be able to put gas in my truck, I will have to park it and drive my street bike or the car," says Randall Lingille of Creston.

This week, President Obama said a Justice Department investigation will examine the role of traders and speculators in oil markets and how they contribute to high gasoline prices.

"We are going to make sure that no one takes advantage of American consumers for their own short term gain," he said.

Facing political pressure over rising gas prices, the Obama Administration is trying to give the American people some relief at the pump.

The investigation will check for fraud, illegal manipulation and the role spectators play in oil futures markets.

"The commodities market is something that a lot of people speculate in I used to do that myself with grains and made some money on it, you never take delivery on those things but you can make some money, so that drives the price up," says Mike Kruse of Truro.

And with some drivers on the coast paying five dollars a gallon, Iowans are bracing for what's coming to the heartland next.

"I wish they'd take the oil off the stock market because it's run by people who are just jacking up the price for no reason," says Steve Schipper of Waukee.

The Justice Department says so far there hasn't been any evidence of intentional manipulation of oil and gas prices or fraud.
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