A new working group with officials from nine federal agencies will monitor oil and gas markets for fraud, Obama announced Thursday at a town hall meeting in Reno, Nev.
Pablo Martinez Monsivais / AP
As gasoline prices rise nationwide, the Obama administration announced on Thursday the creation of a working group to investigate and prosecute suspected fraud in the energy markets.
“There is no silver bullet that can bring down gas prices right away. But there are a few things we can do,” President Obama told a town hall meeting in Reno, Nev.
Attorney General Eric Holder has assembled a team to monitor oil and gas markets for evidence of fraud or illegal manipulation that might affect gas prices, he said. “That includes the role of traders and speculators,” Obama added.
“We are going to make sure that no one is taking advantage of the American people for their own short-term gain,” he told the group. The comment drew applause.
The action comes as crude oil prices continued a general upward swing and gasoline prices at the pump climbed to a national average of $3.84 a gallon, according to AAA.
That is roughly a dollar per gallon more for regular gasoline than motorists were paying this time last year. The highest recorded price for a gallon of regular gasoline was $4.11 in July 2008, according to AAA.