He’s serious, so much so, he’s created a task force to “look into speculation to make sure folks are not taking advantage of the situation on the global oil markets”. We’ve heard about oil task forces before … never seem to hear what they have found.
The Real Clear Politics transcript is incorrect, and the errors are corrected below. Click on the image to head over to RCP and play the video.
“I think the American people understand that we don’t have a silver bullet when it comes to gas prices. We’ve been talking about this for 30 years. The only way [over the long term] to stabilize gas prices is to reduce our dependency on fore oil and we just put out a report that over the last year or so, we’ve been able to reduce our dependence on foreign oil by a million barrels. That’s’ significant. In the meantime, cuz I know people are hurting right now and it feels like a tax out of their paychecks, what we’re doing is looking at every single [possible] area that can
affect[impact] gas prices, from bottlenecks that are out there [right now], we’ve set up a task force to look into speculation to make sure people [folks] are[are not] taking advantage of the situation on the global oil markets,” President Obama told WKRC-TV.
In reality, this is the same task force President Obama introduced almost a year ago – after a previous spike in gas prices – who has met about five times and probably realized there was nothing they could do. They never even came up with a report.
When oil and gasoline prices soared last April, President Barack Obama announced to fanfare that the Department of Justice would lead a task force designed to root out manipulation of the oil market and gouging of consumers at the gas pump.
Since then the group has met only a handful of times and has never reported to the public.
The Oil and Gas Price Fraud Working Group has met only four or five times since its creation last April 21, and most of those meetings came at the time of its inception. Back then, Obama promised that the group would “root out any cases of fraud or manipulation” and noted that its scope would include the “role of traders and speculators.”
It’s all “political theater” since 70 percent to 80 percent of the cost of gasoline is directly related to the price of oil in US dollars that is a global commodity. Maybe the task force will release a white paper soon letting us know the price of gasoline is directly effected by the laws of supply and demand as well as … ummmm … the value of the US dollar?
Don’t expect that statement from the Obama administration any time soon.