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View Full Version : U.S. Issues High gasoline prices prompt Justice Department to eye energy industry


Donger
04-21-2011, 02:01 PM
http://www.cnn.com/2011/US/04/21/holder.gas.prices/index.html?hpt=T1

LMAO

Washington (CNN) -- Prodded by growing public frustration over sharply rising gasoline prices, the Justice Department on Thursday announced the formation of a team -- the "Oil and Gas Price Fraud Working Group -- tasked with the goal of ensuring consumers are not victims of price gouging.

Gas prices exceeding $4 per gallon or higher are "tough" for most Americans, President Barack Obama told an audience in Reno, Nevada. "We are going to make sure that no one is taking advantage of American consumers for their own short-term gain."

"This gas issue is serious," the president said. "It hurts."

Attorney General Eric Holder made no secret the move is a direct response to public angst, not to current evidence of any illegal conduct.

"Rapidly rising gasoline prices are pinching the pockets of consumers across the country," Holder said in a written statement released at the Justice Department.

"We will be vigilant in monitoring the oil and gas markets for any wrongdoing so that consumers can be confident they are not paying higher prices as a result of illegal activity," he said.

The working group will report to the existing Financial Fraud Task Force, which in turn reports to the attorney general.

The new working group will be composed of representatives of the Justice Department, the National Association of (State) Attorneys General, the Treasury Department, the Energy Department, and several financial regulatory agencies.

Holder said he is asking the group to explore "whether there is any evidence of manipulation of oil and gas prices, collusion, fraud, or misrepresentations at the retail or wholesale levels that would violate state or federal laws."

While promising official vigilance, the attorney general acknowledged regional differences in gasoline prices, and said, "It is also clear that there are lawful reasons for increases in gas prices, given supply and demand."

HonestChieffan
04-21-2011, 02:02 PM
Gotta find a scapegoat. Quick.

KILLER_CLOWN
04-21-2011, 02:03 PM
Well....Good thing they are on top of this. The criminals usually know how to take care of these things.

Bewbies
04-21-2011, 02:03 PM
If he's searching for the fraud that led to higher gas prices I suggest someone get him a mirror, quick.

HonestChieffan
04-21-2011, 02:04 PM
The industry should be punished. I say No more drilling till prices go down and they apologize.

KC Dan
04-21-2011, 02:05 PM
Then, hammer the Fed for their dollar devaluation activities and him for his... oops I mean NATO's war with Libya

KILLER_CLOWN
04-21-2011, 02:06 PM
Donger this should have included a poll, how many planeteers actually believe this will help in any way.

mlyonsd
04-21-2011, 02:07 PM
Donger this should have included a poll, how many planeteers actually believe this will help in any way.

Help? The poll should be is Obama sincere?

Donger
04-21-2011, 02:09 PM
<iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/t4Tmi_fpUHs" frameborder="0" allowfullscreen></iframe>

KILLER_CLOWN
04-21-2011, 02:10 PM
Help? The poll should be is Obama sincere?

Like i said how many believe a word from the liar in charges mouth, ie will it help in any way? I've always argued if they would have rearranged the deck chairs on the titanic it would have stopped it from sinking. yup yup.

Mr. Flopnuts
04-21-2011, 02:11 PM
I think it would be great if it ended oil speculation.

blaise
04-21-2011, 02:11 PM
So, they'll hire a group of people at $100,000 a person to collect a paycheck and watch gas prices go up and down.

AndChiefs
04-21-2011, 02:12 PM
<iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/t4Tmi_fpUHs" frameborder="0" allowfullscreen></iframe>

Depends on your definition of gradual I guess. :)

KILLER_CLOWN
04-21-2011, 02:13 PM
So, they'll hire a group of people at $100,000 a person to collect a paycheck and watch gas prices go up and up.

FYP. It will continue to climb until the end of 2012 at which the point the dollar will collapse and ALL of the ME countries will be controlled by our puppets the Muslim Brotherhood.

KC Dan
04-21-2011, 02:15 PM
You know there is nary a single position on any issue that Obama claimed before his election that he hasn't flipped on.

1) Close Q. Bay - Reversed
2) Stop Rendition - Reversed
3) Try all terrorists including KSM in the US - Reversed
4) No problem with higher gas/energy prices in fact it is necessary - Reversed

5) Out of Iraq, start drawdown in Afghanistan July 2011 - Reversed and will be reversed in
<THREE p months<>6) Raise taxes on people >$250K - Reversed Dec 2010, Double Reversed April 2011
7) MOST IMPORTANTLY, Reduce deficit by half in first term - REVERSED due to debt reduction inactivity and spending increases on the matter.
8-25) too many others to list

The guy is a bigger liar than GWB ever was and the left just looks the other way and pretends he hasn't.

blaise
04-21-2011, 02:15 PM
FYP. It will continue to climb until the end of 2012 at which the point the dollar will collapse and ALL of the ME countries will be controlled by our puppets the Muslim Brotherhood.

Oh, cool. It won't matter anyway because we'll all be eating poison food.

Saul Good
04-21-2011, 02:15 PM
They just figure out who's ass Obama needs to kick.

blaise
04-21-2011, 02:17 PM
I can't believe these gas prices under Bush. Bush did this, you know. He's like involved in Big Oil and that's why gas prices are so high. What we need is change and hope. Hope and change, because, like oil fat cats and private jets and stuff. Gas prices, you know? Like Cheney and stuff. Halliburton.

KILLER_CLOWN
04-21-2011, 02:18 PM
Oh, cool. It won't matter anyway because we'll all be eating poison food.

That's been happening since GMO's were announced.

KILLER_CLOWN
04-21-2011, 02:19 PM
I can't believe these gas prices under Bush. Bush did this, you know. He's like involved in Big Oil and that's why gas prices are so high. What we need is change and hope. Hope and change, because, like oil fat cats and private jets and stuff. Gas prices, you know? Like Cheney and stuff. Halliburton.

If you can't see they are both puppets by now then i'm not sure there is more to say.

BucEyedPea
04-21-2011, 02:19 PM
If he's searching for the fraud that led to higher gas prices I suggest someone get him a mirror, quick.

Awesome!

BucEyedPea
04-21-2011, 02:21 PM
The guy is a bigger liar than GWB ever was and the left just looks the other way and pretends he hasn't.

Obama has a serious case of projection. :thumb:

blaise
04-21-2011, 02:23 PM
What he really needs to do about it is have a party with Beyonce and George Clooney and stuff.

Donger
04-21-2011, 02:23 PM
<iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/k4yFsaxw6L8" frameborder="0" allowfullscreen></iframe>

patteeu
04-21-2011, 02:23 PM
FYP. It will continue to climb until the end of 2012 at which the point the dollar will collapse and ALL of the ME countries will be controlled by our puppets the Muslim Brotherhood.

With the emergence of durtyrute, KILLER_CLOWN is working hard to remain top dog.

blaise
04-21-2011, 02:26 PM
I like the idea in the video of building high speed rails to connect Des Moines and St Louis and Madison. For what? The millions of daily commuters between Des Moines and St. Louis? That would reduce traffic by like 40 cars a day, at least.

Donger
04-21-2011, 02:27 PM
That last clip of Obama doing a Mussolini impression got me thinking. He's talking about linking metro areas with high speed rail, right? Well, how many people live in say Indianapolis and go to work every day in Chicago? I would guess not many. So, how does this HSR plan help reduce what is the much larger consumer of fuel (which is people commuting to and from work)?

KILLER_CLOWN
04-21-2011, 02:28 PM
With the emergence of durtyrute, KILLER_CLOWN is working hard to remain top dog.

Well you have this to throw back at me if i should be wrong, which i would be more than happy to be.

blaise
04-21-2011, 02:29 PM
That last clip of Obama doing a Mussolini impression got me thinking. He's talking about linking metro areas with high speed rail, right? Well, how many people live in say Indianapolis and go to work every day in Chicago? I would guess not many. So, how does this HSR plan help reduce what is the much larger consumer of fuel (which is people commuting to and from work)?

But it would be superfun to take the train once a summer to a different city.

BucEyedPea
04-21-2011, 02:30 PM
Obama is truly economically ignorant. Nor is it speculators. I heard this during Bush's time too. People need a scapegoat but it's the wrong ones.

KC Dan
04-21-2011, 02:42 PM
That last clip of Obama doing a Mussolini impression got me thinking. He's talking about linking metro areas with high speed rail, right? Well, how many people live in say Indianapolis and go to work every day in Chicago? I would guess not many. So, how does this HSR plan help reduce what is the much larger consumer of fuel (which is people commuting to and from work)?The answer in a nutshell: It doesn't. It is just a manner to re-distribute tax dollars to the unions and others that steal from the gov't, nothing more. But, it sounds good, I guess?

BucEyedPea
04-21-2011, 02:46 PM
But it would be superfun to take the train once a summer to a different city.

I feel guilty admitting this but I thought of Obama's hi-speed trains when I saw the Atlas Shrugged movie last weekend when Dagny and Reardon ride the rails to prove how strong Reardon Steel was.

Radar Chief
04-21-2011, 02:51 PM
The answer in a nutshell: It doesn't. It is just a manner to re-distribute tax dollars to the unions and others that steal from the gov't, nothing more. But, it sounds good, I guess?

Added bonus, it fits what enviro-mentalists want to hear.

blaise
04-21-2011, 02:52 PM
Hope.

Stewie
04-21-2011, 02:53 PM
This fiasco was predicted years ago. High crude, high gold, high corn, high soybeans, high ho silver... AWAY!!!!

Jaric
04-21-2011, 02:59 PM
They should just cut out gasoline taxes if they're that concerned about gas prices.

Radar Chief
04-21-2011, 03:02 PM
They should just cut out gasoline taxes if they're that concerned about gas prices.

:spock: Cut taxes? LMAO

Jaric
04-21-2011, 03:04 PM
:spock: Cut taxes? LMAO

I didn't say it was going to happen. I know Uncle Sam needs to wet his beak.

KC native
04-21-2011, 04:04 PM
This chart shows that speculators have played a much larger role this time. This is what happens when you give out 0% money.
http://www.ritholtz.com/blog/wp-content/uploads/2011/04/0413chart.jpg

Stewie
04-21-2011, 04:20 PM
This chart shows that speculators have played a much larger role this time. This is what happens when you give out 0% money.
http://www.ritholtz.com/blog/wp-content/uploads/2011/04/0413chart.jpg

This is what they want. It's been this way for 10 years.

CoMoChief
04-21-2011, 04:24 PM
That "Oil and Gas Price Fraud Working Group" name sounds so bogus you almost have to think this is all made up.

KC Dan
04-21-2011, 04:27 PM
The NY Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE) need to be influenced to raise margins again. They did it in February for the first time since 2009 but speculators need to have more skin in the game. That would be a good first step to reduce speculation. The cartel will only cut production to counter I fear though...I believe that they just did recently anyhow

The Mad Crapper
04-22-2011, 01:25 PM
http://thepeoplescube.com/images/Obama_Coin_ExactChange_160.gif

Hopium for the Asses™

chiefsnorth
04-22-2011, 02:24 PM
This is a funny thread, where people assume Obama thinks gas prices are too high.

Maybe they are just "necessarily skyrocketing"?

Jaric
04-22-2011, 02:31 PM
This is a funny thread, where people assume Obama thinks gas prices are too high.

Maybe they are just "necessarily skyrocketing"?

Cue the "windfall profits" teeth gnashing.

DJ's left nut
04-22-2011, 02:35 PM
Wait.

I thought this was all Bush's fault? Or was it Cheney's? Or Halliburtons?

Whatever, I'm pretty sure he's still to blame for all this.

chiefsnorth
04-22-2011, 02:43 PM
Wait.

I thought this was all Bush's fault? Or was it Cheney's? Or Halliburtons?

Whatever, I'm pretty sure he's still to blame for all this.

This is a problem they Inherited from the previous administration.

Ericgoodchief
04-24-2011, 03:15 AM
Seems like gouging is going to happen either way - with rationing like Carter or through oil futures.

Only answer is a new fuel. Biodiesel ?

HonestChieffan
04-24-2011, 06:11 AM
http://1.bp.blogspot.com/-qC3UzNbZoxw/TbQMbOGTdrI/AAAAAAAAvG0/q1OmcX49Xaw/s400/theo5.jpg

JimBaker48.8
04-24-2011, 09:30 AM
The NY Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE) need to be influenced to raise margins again. They did it in February for the first time since 2009 but speculators need to have more skin in the game. That would be a good first step to reduce speculation. The cartel will only cut production to counter I fear though...I believe that they just did recently anyhow
Elevated speculation is not just coming from the "big-boys" like hedge funds, but also there's been a dramtaic increase at the retail level, especially with the introduction of ETFs in recent years.

patteeu
04-24-2011, 10:04 AM
Seems like gouging is going to happen either way - with rationing like Carter or through oil futures.

Only answer is a new fuel. Biodiesel ?

What is "gouging"?

Baby Lee
04-24-2011, 10:48 AM
How the fuck does any of this fly, given the Admin's express intent to raise the cost of energy production across the board. Whether it's more expensive $/KWh 'renewables,' regulating coal-fired plants out of existence, cap and trade, gasoline taxes . . . .

FFS, just a week ago, Obama's express response to commuter consumer pain was 'sounds like you need to go buy a fuel-efficient new car.'

Is anyone buying a bit of this concern? Seriously?

Chiefshrink
04-24-2011, 02:15 PM
You know there is nary a single position on any issue that Obama claimed before his election that he hasn't flipped on.

1) Close Q. Bay - Reversed
2) Stop Rendition - Reversed
3) Try all terrorists including KSM in the US - Reversed
4) No problem with higher gas/energy prices in fact it is necessary - Reversed

5) Out of Iraq, start drawdown in Afghanistan July 2011 - Reversed and will be reversed in
<THREE p months<>6) Raise taxes on people >$250K - Reversed Dec 2010, Double Reversed April 2011
7) MOST IMPORTANTLY, Reduce deficit by half in first term - REVERSED due to debt reduction inactivity and spending increases on the matter.
8-25) too many others to list

The guy is a bigger liar than GWB ever was and the left just looks the other way and pretends he hasn't.

It's called losing the "Independents" and "O" must campaign ever harder now.

Chiefshrink
04-24-2011, 02:20 PM
Then, hammer the Fed for their dollar devaluation activities and him for his... oops I mean NATO's war with Libya

Agreed:thumb:

Saudis will make damn sure they get their properly valued $$$ by raising oil prices as long as we keep devaluing our $ by spending and printing:thumb: :thumb:

cardken
04-24-2011, 07:28 PM
It's all posturing, the Oil companies and their lobbyist own Washington, this charade is done for your benefit only.

mlyonsd
04-24-2011, 08:20 PM
How the **** does any of this fly, given the Admin's express intent to raise the cost of energy production across the board. Whether it's more expensive $/KWh 'renewables,' regulating coal-fired plants out of existence, cap and trade, gasoline taxes . . . .

FFS, just a week ago, Obama's express response to commuter consumer pain was 'sounds like you need to go buy a fuel-efficient new car.'

Is anyone buying a bit of this concern? Seriously?

Yeah, just his base. At least that's what they'd tell you.

He's riding a fine line. If he's not careful he'll completely lose what independents might be left that will give him a shot in 2012.

HonestChieffan
04-24-2011, 08:31 PM
Must. Find. Scapegoat.