President’s Plan to Lower Gas Prices: Spend $52 Million on Regulations
- Posted on April 17, 2012 at 3:27pm by
Becket Adams
- Print »
- Email »
Under the guise of addressing high gas prices, President Barack Obama unveiled a $52 million plan to give oil market regulators more authority to “deter price manipulation by speculators,” the AP reports.
The president urged Congress Tuesday 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,” President Obama said at the White House.
However, and even the AP admits this, the president’s plan is more likely meant to draw sharp election-year distinctions between himself and Republicans than have an immediate effect on prices at the pump — which is what we call a “gimmick.”
House Speaker John Boehner called it a political ploy and criticized the president for not using authority he already has to deal with such problems.
“The president has all the tools available to him if he believes that the oil market is being manipulated,” Boehner told reporters Tuesday.
“Where’s his Federal Trade Commission? Where is the SEC [Securities and Exchange Commission]? He’s got agencies there. So instead of just another political gimmick, why doesn’t he put his administration to work to get to the bottom of it?” the Speaker asked.
The measures seek to increase spending for Wall Street enforcement at a time when congressional Republicans are trying to reign in federal financial regulations.
President 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 president made no effort to disguise his partisan objectives, drawing attention to Republican opposition to a plan to end tax breaks for oil and gas companies.
“So here’s a chance to make amends,” he said.
Senior administration officials who put together the proposal would not go as far as to say that market manipulation is responsible for rising gas prices, but the officials said they wanted to curtail the ability of speculators to take unlawful advantage of oil price volatility. The officials spoke on the condition of anonymity to discuss details of the plan.
Watch Eric Bolling and Fox Business analyst Phil Flynn “discuss” rising gas prices, oil speculation, and the president’s proposal (via Mediaite):
“None of these steps by themselves will bring gas prices down overnight,” the president said. “But it will prevent market manipulation and make sure we’re looking out for American consumers.”
The president’s plan calls on Congress to:
- Increase six-fold the surveillance and enforcement staff of the Commodity Futures Trading Commission to better deter oil market manipulation.
- Increase spending on technology to provide better oversight and surveillance of energy markets.
- Increase civil and criminal penalties against firms that engage in market manipulation from $1 million to $10 million.
- Give the Commodity Futures Trading Commission authority to increase the amount of money that a trader must put up to back a trading position. The administration officials said such authority could help limit disruptions in energy markets.
The White House effort comes as Republicans have talked of limiting the reach of a financial regulation overhaul that Congress passed in 2010 over their objections.
Though the House Republican budget, which calls for sharp reductions in government programs, does not specify reduction in spending by the trading commission, the administration officials said that if the cuts were applied the commission would lose more than five times what it spends on regulating energy markets.
The debate will pit Republicans who blame the president for high gasoline prices against a White House that blames Republicans for coddling Wall Street.
The Associated Press contributed to this report.
(H/T: CNBC)
The article has been updated.
Popular Stories
Paper Details Obama Admin’s Alleged Secret Note Sent to Iran: If Israel Attacks, We Won’t Get Involved 577 Comments
‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 404 Comments
This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 403 Comments
Roseanne Barr: Most Billionaires ‘Violent Pedophiles’ & ‘Heartless’ Cocaine Addicts 372 Comments
President Obama Issues Major ‘Green Energy’ Executive Order 343 Comments
Faith
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 403 Comments
Pakistani Muslim Cleric Accused of Framing Disabled Christian Girl in Koran-Burning Case Read More- ‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 404 Comments
Meet the Controversial German Imam Accused of Brutally Beating His Wife & Pushing Sharia Law Read More
‘Self-Proclaimed Messiah’ & Unification Church Leader the Rev. Sun Myung Moon Has Died — Here’s His Life Story Read More
Business
- President Obama Issues Major ‘Green Energy’ Executive Order 343 Comments
- Germany’s Upcoming Court Ruling Will be Huge for the EU Read More
Ford Looks to Beat Toyota for Best-Selling Car in 2012 With This Model 150 Comments
Bernanke & QE3: Here’s What You Need to Know Read More- ‘Extortion’: Why Did the Labor Department ‘Drop the Hammer’ on Oregon Farmers? 302 Comments
Technology
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 403 Comments
‘TaserDrone’: Hackers Weaponize Quadcopter With Actual ‘Shocking’ Technology Read More
Ever Heard of the Wild ‘Burning Man’ Festival in the Middle of the Nev. Desert? Here’s Your Primer Read More
Stanford Develops Technology ‘Better Than Steroids’ for Athlete Recovery Read More
Have You Pretended to Know What ‘the Cloud’ Is? You’re Not Alone Read More
Submitting your tip... please wait!
Comments (93)
Mark0331
Posted on April 17, 2012 at 4:16pmEver notice the trolls only show up to demean religion, defend Apple projects, defend ANONYMOUS, defend gay rights and demean gun rights…when Barry does something truly insane,like this action, they scatter like bot flies…like moths, they are predictable.
Report Post »marine249
Posted on April 17, 2012 at 4:43pmMARK
You hit the broad side of the barn.
Good shot.
Report Post »Mark0331
Posted on April 17, 2012 at 4:51pm@MARINE…success through overwhelming firepower..;-)…Semper Fi brother.
Report Post »momrules
Posted on April 17, 2012 at 4:56pmMark……….Yes, I’ve noticed that too. I’ve imagined them being beeped by their boss saying ” You’re up. The Blaze has a storey about_____________( fill in the blank from Mark’s list)”.
Report Post »iampraying4u
Posted on April 17, 2012 at 5:05pmYou think he would wait till we are near to election time
Report Post »fastfacts1
Posted on April 17, 2012 at 5:17pmAgain this is why we need to get rid of this guy. You have to see these two ads put out by the RNC today and yesterday. The corruption in the White House: http://www.thedailycandidate.com/video/2012/apr/rnc_ad_amendment.html
Report Post »fastfacts1
Posted on April 17, 2012 at 5:18pmSorry, here is the second ad by the RNC, highly effective: http://www.thedailycandidate.com/video/2012/apr/rnc_ad_excuses.html
THIS IS WHY 2012 WE NEED ALL CONSERVATIVES TO STAND TOGETHER AND STAND AGAIN OBAMA.
Report Post »mikem1969
Posted on April 18, 2012 at 7:33amAs we have all seen, more regulations will not lower gas prices, it will raise them even further. Regulate this, regulate that, kill the middle class so we can have a two class society, ie the elites and the poor.
Report Post »streighttalk
Posted on April 18, 2012 at 2:47pmAnd even if this idea was a good one which its not it’s funny that is come time for re-election and the idiot is just now tring to do something about our crazy gas prices. That fools nobody!!!!
Report Post »Where was he up till now. If he wanted to help us for even a SHORT period of time he should freeze all govermant tax’s charged on gas till at least the end of the Fall of 2012 while he works on a more workable way to get gas prices down to a more reasonable level like letting us drill for our own oil so we really could reduce our dependence on foreign oil once and for all & not just talk about it.
INOGAWD
Posted on April 18, 2012 at 10:31pm@Mark0331
Good MOS, was Gunner in late 50‘s early 60’s, w/ Lt.30cal.
we didn’t have all the TRICK stuff the Corps has now….
This guy can’t do a thing without spending Tons of Tax Money..
Report Post »Poor Leadership…doesn‘t know how to put a boot up these people’s
AZZ..and straighten out this BS…This Administration is a JOKE !!!!!!!
RightUnite
Posted on April 17, 2012 at 4:13pmDoes this idiot honestly believe that if he lowers the gas price, he will actually win a second term?? Bwawwaaahahahahahahahahaha! What a fool!! Hehehehehehee!
Report Post »HKS
Posted on April 17, 2012 at 4:26pmThis president has no plans at all that don‘t involve spending money he doesn’t have.
Report Post »chips1
Posted on April 17, 2012 at 4:29pmApparently, he didn‘t get Farrikan’s message.
Report Post »dublinthewagons
Posted on April 18, 2012 at 6:45amObama is having delusions of adequacy again.
Report Post »He has all the virtues I dislike. & none of the vices I admire
Bill Rowland
Posted on April 18, 2012 at 7:07amThis is another ploy brought on by this being an election year. Sweet Old Barack has had the opportunity to do something about gas prices for 3 years and he waits until just before campaigning start in earnest he comes up with this 52 million dollar boondoggle.
He does not care about the cost of gasoline, his intent was to raise our prices to those of Europe. This is just another distraction to draw attenton away from things he has not helped like unemployment and the economy.
Sweet Old Baracks solution is always always more government and more taxpayer money.
This will not bring down the cost of gasoline, it will just give him a smoke screen for the election.
Remember WATCH THE OTHER HAND
OMG 2012
Report Post »G-WHIZ
Posted on April 18, 2012 at 11:51amSSuuure He-the-One will! And WETHEPEOPLE will be charged for all the extra congress-time to form and (maybe) pass this bill…and the costs of implimenting this bill=billions-of-tax-dollars-estimated about 500%-low by the doj…oh-yea..and will be implimented just after “The-One” is out of office, and will be blamed on Bush.
Report Post »lukerw
Posted on April 17, 2012 at 4:12pmI got it: He has 2 Dart Boards in his office… one, has tags, alike Increase & Decrease… the other has subjects, alike Oil & Gas… and at least once a week, he throws some darts!
Report Post »moreteaplease
Posted on April 17, 2012 at 4:09pmPresident Barack Obama unveiled a$52 million plan to give oil market regulators more authority to “deter price manipulation by speculators,” the AP reports.
Report Post »————————————————————————
More smoke and mirrors. This is nothing more than a strong arm tactic by Obama on the oil companies.
Chicago politics in all of it’s thuggery.
dublinthewagons
Posted on April 18, 2012 at 6:14amIf you put money into his green energy. You are an investor.
Report Post »If you put money into things he disagrees with you are an evil speculator.
Washington needs to be tar & feathered and run out on a rail. Not high speed either.
Gonzo
Posted on April 17, 2012 at 4:07pmRegulate and increase taxes. Yep, that should do it Barry,you blithering idiot.
Report Post »Marci
Posted on April 17, 2012 at 4:12pmOnly a blazing moron would buy into the b.s. he is peddling. More regulations and taxes and later on he’ll say OOPS…that was the OPPOSITE of what I should have done?? This man wants gas prices to go up.
Report Post »AvengerK
Posted on April 17, 2012 at 4:59pmObama’s just playing his usual game. He knows congress won‘t give him the money so when it’s shot down, he’ll crow about “I tried to bring prices down with new regulations (shhh..don’t mention the $52 million) but the GOP and Mitt Romney wouldn’t have it”. This is like yesterday’s Buffett Rule vote. Obama’s problem though is that he has a record now…he can‘t behind Plouffe and Axelrod’s fabrications anymore.
Report Post »Sirfoldallot
Posted on April 17, 2012 at 5:33pmY no impeachment charges on this nut job ??
Report Post »JACKTHETOAD
Posted on April 17, 2012 at 6:12pm@MARCI – You’re right. It‘s called ’hiding in plain sight’.
Report Post »Superfly_75
Posted on April 17, 2012 at 4:06pmI thought he said American‘s won’t mind spending $5 a gallon for gas, now he is worried about how much gas prices are? November can’t come fast enough. It truly scares me where he is leading our great nation.
Report Post »BrerRabbit
Posted on April 17, 2012 at 4:04pmMakes me sick to see those feet on the White House desk. Totally lack of respect. BTW, you know how muslim show disrespect don’t ya?
Report Post »elosogrande
Posted on April 17, 2012 at 4:04pmPlease! Someone tell this disrespectful dolt of a President to get his damned feet OFF OF MY DESK!
Who does this self-important bozo think he is?
Report Post »Beckofile
Posted on April 17, 2012 at 4:03pmThe commander of the green energy speculators is going to tell others not to speculate with their own money but he is willing to speculate with our money. I think if he were in the business of speculating with his own money we would not have lost hundreds of billions on his pet projects. He also would not have a penny left to his name. Fool
Report Post »Teabunny
Posted on April 17, 2012 at 4:03pmso, hes paying 52 mil to have regulators manipulate the market, instead of speculators….“I will transmit this to Vladimir”
Report Post »HKS
Posted on April 17, 2012 at 4:01pmWell, lets see here now, spend 52 mil on regulations that are going to pass on to the consumer and that’s suppose to lower gas prices. I guess in a liberal mind that must make sense.
Report Post »INOGAWD
Posted on April 18, 2012 at 11:15pm147,000 Gov. jobs and DEBT up 5 TRILION $$$$ since
Report Post »obama has taken office…..DO THE MATH !!!! We are
going down the TOILET…………………………………………..
sawbuck
Posted on April 17, 2012 at 3:57pmThe way he treats “The Oval Office”… makes me sick.
Report Post »And I don’t care what color a man skin is ..I would have voted
for Herman Cain if he would have not washed out.
huey6367
Posted on April 17, 2012 at 3:56pmWait a second. Bush lessened the regulations on the oil companies and gas prices dropped. Obama wants to increase regulations. I wonder what might happen?
Report Post »CatB
Posted on April 17, 2012 at 4:08pmHis defeat in November!
btw .. what is it going to cost us to fix all the furniture he has defaced with his feet and butt?
Report Post »colascguy
Posted on April 17, 2012 at 3:49pmWow another Atlas Shrugged moment.
Report Post »Beckofile
Posted on April 17, 2012 at 4:04pmWow….You are so right. Next he will want to control the railroads.
Report Post »Sirfoldallot
Posted on April 17, 2012 at 5:47pmForgive the president father , 4 he knows not what he say’s or does.
Report Post »cookcountypatriot
Posted on April 17, 2012 at 3:48pmi hope people realize that obama is way way over his head on these issues..what a loser
Report Post »AvengerK
Posted on April 17, 2012 at 3:59pmObama has been a do-nothing and know-nothing most of his life. He knew this job was beyond him but his ego wouldn’t allow him to admit it to himself. So now Americans are paying the price for Obama’s hubris.
Report Post »kentuckypatriot
Posted on April 17, 2012 at 3:48pmWhy couldn’t he have approved the pipeline? To me, that’s much simplier than imposing fines on those evil oil companies.
Report Post »pap pap
Posted on April 17, 2012 at 3:46pmMore BS from the BSer in Chief.
Spending more money doesn’t make any sense to lower fuel prices it can be done by doing less not more. It’s hard to believe that the liberal portion of congress can do less. Get rid of regulations and obstructions to energy production. Cost nothing except for congress and the pres to actually get off the backsides. (There I didn’t use that other word.some of my posts weren’t getting through today.) Imagine that.
This is just another power grab by Obummer. He hates the oil industry but he still wants to control it.
Report Post »CatB
Posted on April 17, 2012 at 3:57pmYes .. he is either a complete moron .. or this IS his plan
OM 2012!
Report Post »Scott15sb
Posted on April 17, 2012 at 3:44pmThis man thinks we are all stupid!
Report Post »blanco5
Posted on April 17, 2012 at 3:56pmThe demonrats are used to the intelligence level of their own demographics which are incredibly stupid.
Report Post »FloridaFarmGirl
Posted on April 17, 2012 at 3:44pmJust what we need, more government waste and fraud. Drill, you idiot, drill. That’s how you lower gas prices. This guy is as dumb as a bag of hammers. Who started with all of this bull about how smart Obama is anyway? I am so sick of hearing people say that about one of the dumbest people I have ever seen. He is stuck on stupid! In the barely drooling isle! If there is a problem more government is not going to fix it, less government is. Romney and Republicans in 2012!!
Report Post »Teabunny
Posted on April 17, 2012 at 3:59pmyeah Romneycare!
Report Post »blanco5
Posted on April 17, 2012 at 3:41pmIf the white black prez islama gets a second term, first off, we’ll know they cheated once again and secondly, America is dead.
Report Post »Gary_K
Posted on April 17, 2012 at 3:39pm1) Barry Soetoro = stupid is as stupid does.
2) Or, is Barry trying to destroy this country?
Take your pick. I pick 2.
Report Post »CatB
Posted on April 17, 2012 at 4:16pmHas to be .. no one is this stupid .. but I do think he is close .. would love to see those hidden school records ..” little Barry is good at reading but not so much comprehension or problem solving.”
Report Post »Nickallsopp
Posted on April 17, 2012 at 3:39pmOh great! Again he believes that in order to lower cost of gas and/or our deficite he needs to spend more money? I don’t feel the love!!!
Report Post »TORCH9
Posted on April 17, 2012 at 3:38pm“None of these steps by themselves will bring gas prices down overnight,” the president said.
Report Post »(OR EVER)
AmazingGrace8
Posted on April 17, 2012 at 4:03pmSpeaking of “steps” is it on purpose the shoes on the desk? I am old enough to remember the “fat-little-mean-communist“ that slammed a shoe on a desk and said ”we will bury you”. This skinny guy with his shoes on the desk sending us a message, “I am going to bury you”? New message, shovel-ready-plans-for-anyone-that-disagrees-with-him. Whow–this guy is BOLD! He knows something that we don’t know…he is getting more aggressive day after day.
Report Post »TORCH9
Posted on April 17, 2012 at 3:34pmIncredible..!! More idiotic rhetoric from the bumbling idiot……..
Report Post »oldguy49
Posted on April 17, 2012 at 3:40pmdidn’t they reveal on fox yesterday the way to do this without spending money………???
Report Post »Snowleopard {gallery of cat folks}
Posted on April 17, 2012 at 3:33pmThese regulations are just one more method of imposing a indirect taxation; usage for future needs of intimidation and threat; control and for political advantage. In short, Mr Obama the Gai Jin and Ronin is spinning his usual lies and falsehoods, while pushing his massive heap of regulations on top of regulations to strangle every aspect of the nation he can.
God help us if he gets a second term; for even if he does not seize power before the Nov elections, the damage he can still inflict as a lame duck POTUS is incredible. He will have nothing to lose.
Report Post »TORCH9
Posted on April 17, 2012 at 3:36pmWe love you Snowleopard…….you rock!!
Report Post »