American Elephants

High Gas Prices? Obama Wants a Task Force to Find Out Why! by The Elephant's Child

Just in time for Earth Day, President Obama has announced that “We are going to make sure that no one is taking advantage of the American people for their own short-term gain.” What the President means is that he has noticed that gas prices are high, and with an election approaching next year, he wants to be very sure that no one blames him.

Obama said that the Justice Department will try to “root out” cases of fraud or manipulation in oil markets, even as Attorney General Eric Holder suggested a variety of legal reasons may be behind gasoline’s urge to $4 a gallon. AG Holder is, of course, correct. The administration’s putting the East and West coasts, the Eastern Gulf of Mexico, the coast of Alaska out of reach for seven years, and stalling on issuing permits for drilling in the Western Gulf.

So President Obama is setting up a new task force to find out why gas prices have gone up.  Of course the turmoil in the Middle East has an effect, as does the administration response to the turmoil. Some are predicting over $6 a gallon prices by thins summer. He has to find someone else to blame.

Obama, decrying such levels as yet another hardship “at a time when things were already pretty tough,” said Holder was forming the Financial Fraud Enforcement Working Group.

The task force will focus some of its investigation on “the role of traders and speculators” in the oil-price surge, Obama said, and will include several Cabinet department officials, federal regulators and the National Association of Attorneys General.

The task force will find traders and speculators to blame.  Probably George W. Bush and the major oil companies.  Obama has not hesitated to blame American business when it is convenient for him. He is confident that people will be ready to blame whoever he tells them to. He doesn’t seem to think we are very bright.

If he really wants to learn something about the increasingly high price of gas, he could pick up a good economics book and read the chapters on Supply and Demand.

You are supposed to forget that Obama campaigned on raising the price of gasoline.


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