Monday, April 25, 2011

On top of it

Via Hot Air

Finally... Looks like we're going to be getting to the bottom of the cause for these high gas prices.

President Barack Obama said Thursday that the Justice Department will try to "root out" cases of fraud or manipulation in oil markets, even as Attorney General Eric Holder suggested a variety of legal reasons may be behind gasoline's surge to $4 a gallon.

"We are going to make sure that no one is taking advantage of the American people for their own short-term gain," Obama said at a town-hall style meeting at a renewable energy plant in Reno.

The national average price for a gallon of regular gasoline was $3.84 on Thursday, about 30 cents higher than a month ago and almost a dollar higher than a year ago.

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.

So, it's waste, fraud and abuse, huh?

If you are skeptical as to that being the real reason, perhaps it's because you've been listening to the admonitions of another Washington power player who had this to say just short of two weeks ago:

So because all this spending is popular with both Republicans and Democrats alike, and because nobody wants to pay higher taxes, politicians are often eager to feed the impression that solving the problem is just a matter of eliminating waste and abuse – you’ll hear that phrase a lot. “We just need to eliminate waste and abuse!” The implication is that that tackling the deficit issue won’t require tough choices.

(italics, ours)

The level of unseriousness here is shocking.

We're in the very best of hands.

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