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Obama’s Plan to Ease Pump Pain

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  • Description

    FBN’s Rich Edson on President Obama’s plan unveiled today to increase penalties for oil manipulation.

  • Duration 1:35
  • Date

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-- gas prices President Obama is taking aim at a higher gas prices with a new plan.

To strengthen federal supervision of the oil markets rich -- has the details from the record White House -- -- -- less about lowering gas prices in more about protecting that consumer from the sounds of -- comments earlier on this morning.

Orange -- when you listen to the president's comments in the White House seemed knowledge is this isn't a proposal that's going to lower the price of gasoline overnight.

If it were to pass congress Republicans just call this a political play of all proposals from the White House.

Bottom line on this its 52 million dollars in proposed spending half of that money.

Would hire more regulators at the commodity future trading commission another half would upgrade technology there would increase penalties for manipulation.

From one million dollars to ten million dollars for oil market manipulation and also in power the CFTC the oil regulator here the market regulator.

To raise margin requirements specifically an oil futures market status is as the latest offer.

In the latest political fight over the price.

A gallon gasoline.

Call on congress.

To pass a package of measures to crack down on illegal activity and hold accountable those who manipulate the market for private gain -- the expense of millions working fail us.

President's goal here is gonna do something about the problem.

Is to make people think he's doing something about the problem.

Until the next crisis.

Comes along -- This would need to pass congress to be enforced.

-- very likely not pass congress -- -- Charles.

All right thanks right.

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