Obama Blames Speculators to Distract from Energy Price Failures: High gas prices are not a president’s friend, especially in an election year, so it’s not surprising that President Barack Obama is trying his darndest to shift the blame for record-high fuel prices onto something other than his failed energy policies. Yesterday he made a desperate attempt to distract from those failures and redirect America’s gas price rage with a flawed proposal to punish speculators for supposedly driving up the cost of energy.
Speaking from the Rose Garden, the president announced a proposal to spend $52 million to fund increased government oversight of oil futures market trading in addition to harsher civil and criminal penalties for manipulation in energy 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,” Obama said. “That’s not the way the market should work.”
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