Anti-corporate demagoguery. Is there anything it can’t solve?
President Obama says he is ready to go after gasoline price gougers announcing today a new task force to “root out any cases of fraud of manipulation” of oil markets… “Folks are out there dealing with gas at $4 a gallon,” he told the Nevada crowd, “it’s tough.” He said he had already asked the Attorney General “to look into any cases of price gouging.” The Attorney General’s new energy fraud team will… “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. We’re going to make sure that nobody’s taking advantage of American consumers for their own short-term gains.”
Coming from a trailblazer of union-friendly crony capitalism, you’d expect more circumspection about taking advantage of American consumers for short-term gain. Maybe the oil industry isn’t heavily unionized, or perhaps the issue is too pressing to be picky about who gets thrown under the bus. In any case, oil companies are this week’s designated target for grassroots outrage and — if reports of $5 gallons don’t go away soon — that’ll be true for some time to come. Read More




