Obama Calls for Increased Oversight of Oil Markets
By HELENE COOPER
NYT
President Obama was joined by Treasury Secretary Timothy Geithner and Attorney General Eric H. Holder Jr. on Tuesday to call for increased oversight of oil markets.Doug Mills/The New York TimesPresident Obama was joined by Treasury Secretary Timothy F. Geithner and Attorney General Eric H. Holder Jr. on Tuesday in a call for increased oversight of oil markets.
11:59 a.m. | Updated President Obama on Tuesday demanded more “cops on the beat” to crack down on oil market manipulation, calling on Congress to increase the federal supervision of oil markets and to provide for larger penalties for those caught manipulating markets.
Standing in the Rose Garden, flanked by Attorney General Eric H. Holder Jr. and Treasury Secretary Timothy F. Geithner, Mr. Obama also chided Republicans who have been calling for increased American production as a way to tamper rising gas prices.
“There are politicians who say if we just drill more, gas prices will come down,” Mr. Obama said. “What they don’t say is that we have been drilling more.”
He said no amount of drilling would solve the fundamental imbalance “that we use more than 20 percent of the world’s oil and we only have 2 percent of the world’s oil reserves.”
(More here.)
NYT
President Obama was joined by Treasury Secretary Timothy Geithner and Attorney General Eric H. Holder Jr. on Tuesday to call for increased oversight of oil markets.Doug Mills/The New York TimesPresident Obama was joined by Treasury Secretary Timothy F. Geithner and Attorney General Eric H. Holder Jr. on Tuesday in a call for increased oversight of oil markets.
11:59 a.m. | Updated President Obama on Tuesday demanded more “cops on the beat” to crack down on oil market manipulation, calling on Congress to increase the federal supervision of oil markets and to provide for larger penalties for those caught manipulating markets.
Standing in the Rose Garden, flanked by Attorney General Eric H. Holder Jr. and Treasury Secretary Timothy F. Geithner, Mr. Obama also chided Republicans who have been calling for increased American production as a way to tamper rising gas prices.
“There are politicians who say if we just drill more, gas prices will come down,” Mr. Obama said. “What they don’t say is that we have been drilling more.”
He said no amount of drilling would solve the fundamental imbalance “that we use more than 20 percent of the world’s oil and we only have 2 percent of the world’s oil reserves.”
(More here.)
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1 Comments:
So, let me get this straight - we have government creating a problem where government fiat restricts drilling for more domestic oil purposely denying Americans from energy sources within their own country. Government denies us the Keystone XL pipeline to Canadian oil. Now, government wants to solve the problem with more government oversight of the oil market???
There is no other way to explain this: Obama is an idiot. He's a complete moron when it comes to markets.
Obama, and other governing elites and other self-annointed experts, tells us that reducing demand will drop the price of oil, but that increasing supply won't have the same effect??? These elites can reverse the law of supply and demand???
Anyone - ANYONE - who believes that the problem that government created needs a government solution of market oversight is a complete and total economic moron.
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