President Obama calls on congress to increase federal supervision of oil markets
POSTED: Tuesday, April 17, 2012 - 12:30pm
UPDATED: Tuesday, April 17, 2012 - 1:55pm
NBC NATIONAL NEWS — President Obama is asking congress to increase federal supervision of oil markets.
Speaking from the White house rose garden, Obama called on congress to pass measures that would hold accountable speculators who manipulate oil markets.
"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," President Obama, said.
Obama wants additional supervisors at the commodity futures trading commission.
He also wants to increase penalties for those who manipulate the market, and regulators to be able to demand more money to back up speculative trades.
"I call on congress to pass a package of measure to crack down on illegal activity and hold accountable those who manipulate the market for private gain and at the expense of millions of working families."
Despite the steps, Obama says bringing the price of gas down won't be easy.
“None of these steps by themselves will bring gas prices down overnight. But it will prevent market manipulation and make sure we're looking out for American consumers."