Well finally, finally it has come to pass. After seeing the price of oil skyrocket nearly 300% on his watch from the low $30's/barrel in February 2009 to over $110 a barrel this month and gas prices jumping to $4.00 per gallon President Obama finally has gotten around to tryng to deal with the issue by forming a government Financial Fraud Task Force, "The Oil and Gas Price Fraud Working Group" focusing on fraud in the energy markets to monitor the oil and gas markets for potential criminal violation, i.e. price fixing, manipulation, etc.
In essence it is a call to investigate whether oil prices are a true reflection of market forces or whether they have been impacted by speculation or worse, by manipulation. This in spite of the fact that this administration's soporific CFTC has allegedly been wrestling with this issue for months and now years calling for hearings upon hearings thereby effectively stonewalling anything close to meaningful action while the house has been burning down.
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