WASHINGTON ? President Obama proposed earlier this week increased funding for regulators to monitor markets where crude oil futures are traded, an effort to lower high oil prices, the Richmond Times-Dispatch reports.
Accompanied in the White House Rose Garden by the heads of agencies that monitor oil trading, the president blasted speculators and their role in elevating oil prices.
"We can't afford a situation where speculators artificially manipulate markets by buying up oil, creating the perception of a shortage and driving prices higher, only to flip the oil for a quick profit," Obama said. "We can't afford a situation where some speculators can reap millions while millions of American families get the short end of the stick."
Accordingly, Obama called for "more cops on the beat to monitor activity in energy markets," along with civil and criminal penalties for illegally manipulating the energy markets.
To discourage speculation, Obama proposed that Congress require Wall Street traders to set aside money to pay off oil contract bets.
In response, Republicans accused the president of gimmickry to deflect political pressure, attributing high oil prices to Middle East unrest, not market manipulation.
"If I were to guess, I'd say today's proposal by the president probably polls pretty well. But I guarantee you it won't do a thing to lower the price of gas at the pump," said Senate Minority Leader Mitch McConnell (R-KY).
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