Justice Department Task Force Will Probe Surging Oil Prices
A Justice Department task force will investigate the role of traders and speculators in surging oil prices, the president announced on Thursday.
President Obama announced formation of the Financial Fraud Enforcement Working Group at a town hall-style meeting in Reno, report the Associated Press and McClatchy Newspapers. “We are going to make sure that no one is taking advantage of the American people for their own short-term gain,” Obama said.
Attorney General Eric Holder released a memo and statement cautioning that “there are lawful reasons for increases in gas prices, given supply and demand.” But he pledged to be vigilant in monitoring the oil and gas markets for any wrongdoing.
The task force will include representatives from nine federal agencies, the Los Angeles Times reports. They include the Federal Trade Commission and the Securities and Exchange Commission.
