President Obama orders gasoline-price probe

[cal04]

President Barack Obama ordered a probe into potential gasoline price-gouging on Friday and said the government is watching for manipulation in oil markets.
http://www.marketwatch.com/story/obama-orders-gasoline-price-gouging-probe-2011-03-11

Speaking at a White House press conference, Obama said he’s asked his attorney general and U.S. government agencies to work with state attorneys general to monitor for gasoline-price gouging, “to make sure that nobody is taking advantage of working families at the pump.”

Obama also said he’s willing to tap into the U.S. Strategic Petroleum Reserve “should the situation demand it” but declined to answer a question of what price would trigger a release.

[Name removed]

1. Deleted message

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[liberal N proud]

2. More than what was done when bu$h was in the office.

[we can do it]

3. Oh That Will Help

[Rex]

4. Good! Catch the price gouging bastards and punish them!

No need to tap the reserve.

[NightWatcher]

5. which former oil exec (er I mean government official) will head such probe?

[dkofos]

13. I think that guy from bp is looking.

[deminks]

6. The states will refuse to probe, because they are "broke".

While the Koch bros and others keep on gougin'. Anything to make the President look weak. Then, the price will come done in 2012, just in time for the next selection. How many effing years have we played this game?

[somone]

7. The investigation will be a thorough success after much discussion about college basketball

and the U.S. Chamber of Commerce and the American Petroleum Institute agree

[The_Casual_Observer]

8. It is a very difficult & costly thing to try to prove. More of a threat than anything

I would imagine.

[FSogol]

9. Better yet? Create a new tax on all oil/gas in storage. Exempt tanks smaller than 10,000 gallons

Tax oil/gas on ships at some rate for every day they remain at sea.

The oil companies are stockpiling gas to sell when the price rises. They invest in storage more than exploration or efficiency.
Tax them and take away their incentive.

[bluesbassman]

10. I'd be very surprised if they find examples of "price gouging at the pump".

Prices at the pump are the result of many factors and the reality is that most station's prices are based on both the wholesale price and what the competition the street is charging. So, looking for gouging at the pump will yield nothing. The "gouging" is being done at the commodities market level. Speculators control most of the contracts for crude and refined product and that is where the manipulation is happening. If, and that's a big if, that is even addressed at all, what are they going to say? Until the manipulation of commodities is dealt with, the standard government line is going to be that there is nothing they can do to curb a "free" market.

[bullwinkle428]

11. Releasing the reserves will have no effect on the price at the pump,

so that really is kind of a moot issue.

[jdlh8894]

12. Need more refineries. Or more output.