DOJ to Investigate Gas Prices

The Hill reports:

President Obama on Thursday said the Justice Department will launch a new effort to probe oil markets for abuses that might be driving up gasoline prices.

The initiative comes as rising pump prices have shot up the political agenda, prompting daily GOP attacks on Obama’s energy policies, which Republicans say have stymied domestic production.

Obama, in a speech in Reno, Nev., said the new effort stems from last month’s request that Attorney General Eric Holder probe any potential price gouging.

“Today, I’m going to go a step further. The attorney general’s putting together a team whose job it will be to root out any cases of fraud or manipulation in the oil markets that might affect gas prices — and that includes the role of traders and speculators,” Obama said.

“We are going to make sure that nobody is taking advantage of American consumers for their own short-term gain,” Obama said.

Oil and gasoline prices have risen alongside turmoil in North Africa and the Middle East. Average gasoline prices average $3.84 per gallon nationwide, compared to $3.55 a month ago and $2.86 at this time last year, according to AAA.