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President cracks down on oil speculators

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    Will Obama's plan really help gas prices?

  • Duration 2:35
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The president is going after high gasoline prices by going after Wall Street.

Today he unveiled a crackdown on speculation that may or may not drive up the cost of gas.

Gasoline actually went down a fraction of a point overnight to three dollars -- 27 today to close it.

One of 420 a -- Here -- senior White House foreign affairs correspondent when Google.

In -- Rose Garden ceremony with his top law enforcement officer and market regulators the president announced plans to ask congress for more -- to -- speculation in oil markets we can't afford a situation where some speculators.

Can reap millions.

While millions of American families get the short end of the stick with more investment in oil futures but pension mutual and hedge funds -- much of -- betting that oil prices rise.

Mr.

Obama wants more trading cops or powerful computers tougher penalties and tighter limits to make sure speculators -- get a -- -- a share of the market to affect prices.

Aides aren't certain that's happening but they say the -- Make sure with the ultimate goal of giving consumers confidence that of -- market manipulation and game playing in these markets was not.

I try things about the price at the -- Republicans say the president already has all the tools he need.

So she believes.

That -- -- market is being manipulated.

-- -- his Federal Trade Commission.

Where's the SEC he's got agencies there.

After pounding on mr.

Obama for high gasoline prices Republicans -- trying to turn the tables by lining them up -- oil companies.

Well it did pretty well summed it up.

There's that it's more about drawing a distinction to -- We don't need news -- sanctions.

-- -- solution which Republicans -- one answer to our energy problems the president isn't pursuing aggressively enough he's more domestic energy production.

Some Energy Department analysts believe the US has ten or twenty times the proven oil reserves mr.

Obama -- When he says we can't drill our way out of our energy -- his critics believe the president's push for alternative energy reserves reveals a bias against fossil fuels but he says it's part of -- all of the above energy strategy.

And it's paying off.

America now imports less than half of the oil we use for the first time in more than a decade so we are less vulnerable than we were what were still too vulnerable.

Republicans say much to the ground work for the increased oil and gas production was laid in the Bush Administration but the White House -- a lot of the alternative energy gains.

Belonged to the current president.

Brett undergo a lot on the north lawn when.

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