Energy: President Obama's promised "crackdown" on speculators is another example of his using government to strangle markets and increase control over the private economy. Worse, it won't cut gas prices one bit.
President Obama knows that soaring gasoline prices are hurting his political chances in November. How else to explain his sudden decision to go after "speculators" — that is, investors — in the oil and gasoline markets for driving up prices?
Under his watch, gasoline prices have soared from $1.89 a gallon to nearly $3.90 a gallon — a 106% rise in just three years. No wonder he's in a political panic.
Standing with Attorney General Eric Holder, President Obama said Tuesday he wants to put "more cops on the street" to nab speculators who profit from rising oil prices. Cops? For people investing legally?
After ripping Congress for not imposing new taxes on oil companies, as he wanted, Obama on Tuesday called on lawmakers to spend $52 million to give bureaucrats expansive new controls over oil trading markets.
Specifically, he wants to increase penalties for market manipulation and give regulators power to require energy traders to have more collateral. But, as even Obama admits, it "will not bring down gas prices overnight."
Actually, it won't bring prices down, period.
(Excerpt) Read more at news.investors.com ...
