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Obama Moves to Address High Gas Prices

President Barack Obama is pressing Congress to tighten regulations governing oil speculators.

President Barack Obama wants Congress to give oil-market regulators more power to keep speculators from manipulating oil prices, which can lead to higher costs at the pump, the Huffington Post reports. 

Obama is asking legislators to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions, the Huffington Post reports. 

"We can't afford a situation where some speculators can reap millions while millions of American families get the short end of the stick," Obama said Tuesday at the White House.

AAA Mid-Atlantic says the average price of a gallon of regular gasoline in New Jersey on Friday was $3.79, which was unchanged from last week, according to the Courier-Post

But that’s still nearly 5 percent higher than the average price a year ago, when motorists paid $3.61 per gallon.

Meanwhile, the national average price last week fell by 4 cents to $3.90 per gallon, the newspaper reports. That’s a 2.3 percent increase over the national average from a year ago, which was $3.81.

Before stabilizing last week, gas prices had risen for 18 straight weeks in New Jersey, according to AAA. 

Winston April 19, 2012 at 11:08 AM
This post is labeled as government news when it should be labeled opinion. Tim, it is obvious you are just cutting and pasting the Obama administrations talking points. Obama has done nothing to address escalating prices. In addition, if you did your homework you would find that so called speculators do the exact opposite...they help stabilize long term gas prices. Plese report the facts and not your political propaganda......this is about supply and demand and Obama policies have reduced supply.
Winston April 19, 2012 at 11:16 AM
Contrary to what Obama and many Democrats want you to believe, long oil speculation actually decreases gas prices and causes price stabilization. Anyone who has a basic understand of economics and how the futures market work should be able to come to this conclusion. When speculators bid up the future price of oil, it causes oil produces to increase production (note: this assumes bureaucrats sitting around a table in the Middle East aka OPEC aren't fixing the supply of oil for political reasons). This is basic economics, in a free market an increase in price leads to an increase in quantity supplied. When future oil prices are bid up, oil producers can produce oil that was not profitable to produce at lower prices. The oil producers will sell oil contracts at these higher prices to hedge or lock in these prices as they ramp of production. This is the purpose of the futures markets and how they work. The price of gas at the pump is ultimately determined by where the quantity supplied falls on the demand curve. With increased supplies, this point is at a lower price. Most everyone understand this. Except Obama Democrats!
raymond Weis April 19, 2012 at 02:03 PM
Unfortunately I have as much faith in Barack Obama controlling high gas prices as I had in Jimmy Carter controlling inflation. He like the rest of the politicians in Washington sits in a position totally insulated from the real world. After all how do you relate to the price of a gallon of gasoline when you walk out of your office and climb into our helicopter to fly to your 747 for a trip to where-ever. This is the President who when elected said he was in favor of high energy prices to cut consumption. Did he suddenly realize that the average American must commute to his job in order to earn the money to pay taxes to support politicians. Just something to think about.
Jack Wagon April 19, 2012 at 05:45 PM
The only two ways I've been affected by the rise in gas prices: 1. I shop price more now than ever. 2. I cringe at how the Obama administration is so inept as they incorrectly take credit for increased oil production. Energy Sec. Chu is a bumbling stooge.
Jack Wagon April 19, 2012 at 11:00 PM
Thank you Winston. Now I don't have to re-type what you so eloquently stated above! Although I might ask your permission to cut and paste.
Winston April 20, 2012 at 02:02 AM
Jack...permission granted. Spread the good word! Obama is a moron, fool and liar.
Crazy World April 20, 2012 at 03:54 AM
Ever since Katrina, the price of oil has been manipulated. Before Katrina, oil was selling for between $35 to $45 dollars a barrel. It wasn't until a disaster of this magnitude opened the eyes of big oil to charge whatever they want and there isn't anything the public could do about it. Supply and demand currently has nothing to do with the price of oil today. Economic slowdown in China & India and lower gasoline usage in America have not brought prices down here. There is no reason that we are paying over $3 dollars a gallon except for greed by big oil and wall street.

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