21 Apr '11, 9pm

Obama moves to target oil price fraud - Channel NewsAsia // The President is using the power of his office.

Obama moves to target oil price fraud - Channel NewsAsia // The President is using the power of his office.

RENO, Nevada: President Barack Obama announced a probe into oil price fraud and speculation on Thursday, hoping to limit a rise in gasoline pump prices that has energy-hungry Americans up in arms. Pointing the finger at "speculators," Obama said a new Justice Department task force would "root out any cases of fraud or manipulation" that may have caused higher prices. "We are going to make sure that nobody is taking advantage of American consumers for their own short-term gain," Obama said at a town hall meeting in Reno, Nevada. Americans have seen oil prices rise over eight percent in the last month. The average gallon now costs 35 percent more than it did a year ago. Obama has sought to tap into unease at these rising costs - which risk weighing down the US recovery and could dampen his 2012 re-election hopes. "Folks are out there dealing with gas at $4 a gallon. It's jus...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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