Obama calls on Congress to help police oil markets

President Barack Obama, flanked by Treasury Secretary Timothy Geithner, left, and Attorney General Eric Holder, speaks in the Rose Garden at the White House in Washington, Tuesday, April 17, 2012, about a plan to increase oversight and crack down on manipulation in oil markets. / AP Photo/Carolyn Kaster

Updated: 12:39 p.m. ET

WASHINGTON -- President Barack Obama pushed Congress Tuesday to give oil market regulators more muscle to deter price manipulation by speculators, the latest White House response to determined Republican attacks on administration energy policies amid high gas prices at the pump.

Obama wants Congress 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.

"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 at the White House.

Will President Obama's oil plan work?

The plan is more likely to draw sharp election-year distinctions with Republicans than have an immediate effect on prices at the pump. The measures seek to boost spending for Wall Street enforcement at a time when congressional Republicans are seeking to limit the reach of federal financial regulations.

The president's $52 million proposal comes as Republicans have been hammering Obama on his energy policies, recognizing the political cost of high gas prices on the president. Obama's plan would turn the tables on Republicans by taking aim at Wall Street's role in the oil price chain.

Obama was joined during his Rose Garden remarks by Attorney General Eric Holder, Treasury Secretary Timothy Geithner, Commodity Futures Trading Commission Chairman Gary Gensler, and Federal Trade Commission Chairman Jon Leibowitz.

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Take your time Obama. We're not in a hurry. We're broke with no jobs to go to anyway.

[jwindsDAD]

Dan is a welfare queen. She lives on the government dole at taxpayers expense. Support yourself Dan. Try to be a real man.

[stephand]

The "Buffett Rule" does not even pay for this...

[sandiegopete]

It might not. But saying a hedge fund manager making $120 million a year should pay a tax rate of 15% while a person who actually works and has an adjusted gross income of $100,000 pays 25% is just plant nuts, don't you agree?

[76SpiritOf]

The solution here is very simple.

If I want to buy explosives you need a federal permit and a place to safely store the material.

Well. crude oil is also a hazardous material with explosive vapor and it stands to reason that if you puchase it you should be required to have a federal license. The federal license should only allow the user to purchase amounts they can safely store.

I would also recommend that short selling be permited only if the purchaser is charged an economic impact fee that is equal to 70% of the total profit.

That is how you deal with speculation on energy futures!

[sandiegopete]

Oil markets need to be regulated. The CEO of Exxon Mobile has stated that oil speculation adds 30% to the price of a barrel of oil.

All oil goes on the world market. The world consumes 80 million barrels of oil per day. The Keystone Pipeline is designed to move 600,000 barrels of oil per day. That is not enough to have any effect at all on the price of gasoline.

[Obama4more]

We need to nationalize the refineries.

[76SpiritOf]

I agree. Why should someone born into a high ranking oil company job be entitled to make profits off a resource that belongs to the people of the United States and not share the profits?

[Obama4more]

by The_Bad_Ranger April 17, 2012 6:23 PM EDT
How you been doing "meboard" ? ain't seen you around in a long time?
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I've been working nights since Nov... Back to days stating 1 May.

[Obama4more]

Good night...see you back here soon Ranger.

[Obama4more]

by The_Bad_Ranger April 17, 2012 6:43 PM EDT
Who the Hell is "indi"???
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Just another sick little right wing-nut bastard from hell's kitchen.

[retm-w]

Ranger

Hells Kitchen, is when your trying to heat "C's" over some C4 during a mortar attack.

[samael2014]

"Obama was joined during his Rose Garden remarks by Attorney General Eric Holder, Treasury Secretary Timothy Geithner, Commodity Futures Trading Commission Chairman Gary Gensler, and Federal Trade Commission Chairman Jon Leibowitz."

The Men without ***** Safety Dance brigade is serious now about due process and enforcing the law to reign in U.S. taxpayer subsidized corporate parasite welfare programs now. Our democracy collapsing into unregulated tyranny -- something needs to be done. And unless you expect us and anybody else in the SEC to actually enforce the law without looking into the past -- which I have declared --unConstitutionally and undemocratically -- to be the defining principle of my worst-than Bush era of governance -- then "we can only dance".

[Obama4more]

What da hell....??????

[samael2014]

My thoughts exactly.

[Obama4more]

by USA_is-back April 17, 2012 6:31 PM EDT
I also thinks it's Indi, Obama4. If it isn't, they all went to the same "home skuul". Look at his spelling and grammar.
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Yep, but I don't get that dark creepy devilish feeling like I do with Indi. This guy's just your run of the mill jack-azzzzzz...

[Obama4more]

by The_Bad_Ranger April 17, 2012 6:32 PM EDT
sounds like a shotgun goes off in your head!!!!!!!!!!
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Now you'd know all about that wouldn't you!!!!!

[Obama4more]

by The_Bad_Ranger April 17, 2012 6:25 PM EDT
HAHAHAHA!!! I don't care what they say -- you're OK in my book "meboard" -- Get your plumbing fixed yet?
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I'm going to a chiropractor...ever been to one?

[Obama4more]

He's realigning my tail bone...I think five visits in one week is a bit much, don't you!?!!??!??!