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US: Taskforce set to monitor gasoline price

By SYF77 on 05 May 2011

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Rapidly escalating oil and gas prices have drawn the attention of political leaders, including President Barack Obama and Attorney General Eric Holder. While the government can do little to affect prices, it can monitor the activities of traders and speculators to ensure that no laws are being broken. Attorney General Holder was clear that there is no current evidence of fraud or illegal activity, and that the move was preemptory in nature only.

As quoted by CNN, Holder said, “Rapidly rising gasoline prices are pinching the pockets of consumers across the country. 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.” The task force will be composed of personnel from the Justice Department, the National Association of State Attorneys General, the Energy Department, the Treasury Department and multiple financial regulatory agencies. Findings will be reported up through an existing Financial Fraud Task Force, which in turn reports directly to the attorney general.

Provided that the group finds evidence of fraud, manipulation in the oil and gas markets, or other violations of state and federal laws, the task force will have minimal impact on gasoline prices. As Holder was quick to point out, “It is also clear that there are lawful reasons for increases in gas prices, given supply and demand.” It looks like there is little benefit resulting from the Task Force for consumers in the US, which reminds me of CASE in Singapore.

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Written by SYF77
I have been a car fanatic since 1989, when my father was changing our family car then to a Toyota Corolla 1.6 GL fitted with a Twin Cam 16 valve engine that was carburetor-fed, a big deal back in those days. The automobile technology and industry fascinates me and I hope to broadcast these interesting developments to everyone out there through this blog.

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