President’s Plan to Lower Gas Prices: Spend $52 Million on Regulations

Originally Posted April 17, 2012 by |The Blaze

Under the guise of addressing high gas prices, President Barack Obama unveiled a $52 million plan to give oil market regulators more authority to “deter price manipulation by speculators,” the AP reports.

The president urged Congress Tuesday to strengthen federal supervision of oil markets, increase penalties for market manipulation, and empower regulators to increase the amount of money energy traders are required to put behind their transactions.

“We can’t afford a situation where some speculators can reap millions while millions of American families get the short end of the stick,” President Obama said at the White House.

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