White House aims to protect consumers from oil speculation

President Barack Obama took oil speculators to task last week, asking both his staffs and Congress to take measures to prevent speculators from cheating consumers and manipulating the market “by buying up oil, creating the perception of a shortage and driving prices higher, only to flip the oil for a quick profit,” he said.

According to a report in the Oil & Gas Journal, Obama has instructed several White House staffers to be on the lookout “to make sure the acts of manipulation, fraud or other illegal activity are not behind increases in the price that consumers pay at the pump.”

The report says Obama wants Congress to provide more funding and technology updates for better federal oversight and make penalties for violators harsher.

See the Journal’s full report here.