As U.S. Presidential polls are looming closer Obama government is seen gambling with assorted strategies for wooing its citizens, who apparently are grappling with surging gasoline prices. The latest strategy comes in the form of proposed measures for oil market crackdown and fighting oil market manipulations.
On Tuesday Obama asked the U.S. legislature to tighten up penalties for those involved in unlawful oil market fluctuations. The President’s proposed new measures on fighting oil market manipulations once again stirred the air of opinion differences in the divided Congress.
Regulating Oil Market By Curbing Speculation
As part of fresh measures, Obama called for both civil and criminal penalties for those involved in influencing the U.S. oil markets and thereby adding to its existing pricing complications.
Obama specifically targeted the companies and big speculators involved in profiteering by deliberately hoarding market oil and creating a fake shortage situation.
The 50 year old African-American and former Illinois Senator also emphasized on curbing speculations in oil market for greater consumer protection and security. Simultaneously the President has also demanded higher fund allocations for those involved in oil price monitoring and patrolling
In his speech delivered at the White House Rose Garden, Obama said, “We can't afford a situation where speculators artificially manipulate markets by buying up oil, creating the perception of a shortage, and driving prices higher, only to flip the oil for a quick profit,"
Surging Oil Price Issue – A Political Gimmick
Again in the usual manner the Congress Republicans have denied that Democratic measures would bring any relief to the already depleted oil situation in the state.
To quote what the Republican speaker John Boehner had to say, "The president has all the tools available to him if he believes the oil market is being manipulated,"
"It probably polls pretty well, but I guarantee it won't do a thing to lower prices at the pump," claimed Senate Republican leader Mitch McConnell.
Both Democrats and Republican economic strategies have been brought under severe criticism for their mere rhetoric approach and failures on combating the surging oil prices.
Unaddressed Gasoline Price Situation
At present the gasoline price is hovering around $3.92 per gallon, around 50 cents higher than what it was recorded in the beginning of the year. The situation won't be curbed any sooner as mid-east political crisis is affecting the oil supply worldwide.
However, analysts still predict the Obama administration to speed up its efforts on gasoline costs protection in a bid to win the lost confidence of the U.S. citizens who are still recuperating from the recessionary nightmare.