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GasBuddy News Article

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Oil price manipulation seldom prosecuted under Obama

Reuters -- (Reuters) - President Barack Obama's administration has brought only one new case alleging energy market price manipulation since he took office in 2009, despite more tough talk about it this week amid soaring prices at the gasoline pump.

If that seems like a lackluster enforcement record for a president eager to look assertive on oversight of oil and natural gas markets in an election year, it may be for good reason.

Experts said there is little evidence of widespread manipulation in these markets and, in any case, lawyers with experience in the field said such cases are difficult to prove.

The administration on Thursday announced a $14 million settlement with Dutch trading firm Optiver in an oil market manipulation case, but that case had initially been brought in 2008 under the


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Submitted Apr 22, 2012 By: aservant
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 28, 2012 4:55:19 AM

clp: that it does, doesn't it?
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clpassenubye
Champion Author Los Angeles

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Message Posted: Apr 27, 2012 9:50:35 AM

It takes a lot of time and even more money and you have to have ironclad proof to win.
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drpepperTX
Champion Author Texas

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Message Posted: Apr 27, 2012 8:47:45 AM

Honda0105, are you saying you wish you had a real job?

I am proud that I am self reliant enough to allow myself two main sources of income, ranching and running a small business. This also creates jobs for my contractors.

Still have time to do research and post fact based information, it's something called time management.
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 27, 2012 2:49:07 AM

and some people have a real job and don't have to brag about working on the taxpayer dime.
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drpepperTX
Champion Author Texas

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Message Posted: Apr 25, 2012 9:27:14 PM

Honda0105- "soda koolaid drinker: at 6 am I don't do research, but you're so good at finding facts. How about finding some on your own? "
===============
Ah yes, good retort! LOL, sounds like no time is good for your 'research'. :=)

Very typical of one who posts a lie to use an excuse like time of day to deflect the facts.

Posting with intellectual integrity takes research no matter the time of day. Now I may make a mistake at time or two and I'll live up to it when I do, but I refuse to post a lie.

I guess some are just more comfortable with not telling a truth when it does not fit their agenda. Sad really.
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 25, 2012 9:09:59 PM

soda koolaid drinker: at 6 am I don't do research, but you're so good at finding facts. How about finding some on your own?

As for the gauging, the 2008 which resulted in gasoline reaching well above $4/gal and diesel going past the $5/gal mark here in the area (albeit briefly), little has been done and those who were punished pushed the fines on to the customers.
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KAR120CSII
Champion Author Oregon

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Message Posted: Apr 25, 2012 3:19:01 PM

One of the things is that there doesn't seem to be much publicity about prosecutions and I still believe without political pressure there will not be the 'will'.

Recently -- [http://www.canada.com/business/Ontario+Quebec+companies+plead+guilty+fixing+prices/6459274/story.html] and [http://blog.gasbuddy.com/posts/Michigan-Successfully-Prosecutes-Gasoline-Price-Fixing/1715-486180-837.aspx]
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drpepperTX
Champion Author Texas

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Message Posted: Apr 25, 2012 9:12:29 AM

Apparently honda0105 does not bother to do research, it's not convenient I reckon. The previous administration first checked into this in 2006.
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 25, 2012 3:05:41 AM

after the August 2008 price gouging only a handful of gas retailers were even investigated and even less were punished. Not speaking for the rest of the country, just for Florida. And most cases ended with "we can't really prove it."

The case that was ultimately punished was the station that started the spike in Central Florida. Don't have time to search for it right now but there should still be sufficient on the web regarding that case.
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KAR120CSII
Champion Author Oregon

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Message Posted: Apr 24, 2012 9:24:41 PM

Disagree -- it's hard to prove. If they want to get you they can find a way. It's that there is not the 'will' to get the crooks. If the Justice Department weren't panty a***s there would be more prosecutions. And if there weren't so many old Bush attorneys there they would be prosecuting. Free the Bureaucrats.
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drpepperTX
Champion Author Texas

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Message Posted: Apr 24, 2012 6:04:11 AM

Honda0105, you're lying.

VVVVVVVVVVVVVVVVVVVVVVVV
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 24, 2012 3:03:31 AM

it's hard to prove. Only in August 2008 when prices shot through the roof did the previous administration do anything about it.
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gawxnative
All-Star Author Atlanta

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Message Posted: Apr 23, 2012 1:11:46 PM

big surprise
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sparky808
Champion Author Honolulu

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Message Posted: Apr 23, 2012 10:39:57 AM

Thank you for posting.
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PatAZ
Champion Author Tucson

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Message Posted: Apr 23, 2012 6:58:56 AM

I doubt you will find any administration has pursued this vigorously.
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Hobby001
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Message Posted: Apr 23, 2012 6:40:06 AM

Soros first.
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bowler360
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Message Posted: Apr 23, 2012 6:09:06 AM

I'm not happy with "hope".
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wild3bill
Champion Author New York

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Message Posted: Apr 23, 2012 12:06:39 AM

If his lips are moving his pants catch fire!
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Travel1st
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Message Posted: Apr 22, 2012 11:56:35 PM

humm
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Agarre
Champion Author Richmond

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Message Posted: Apr 22, 2012 9:55:38 PM

so
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platinum16434
Veteran Author Houston

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Message Posted: Apr 22, 2012 9:25:06 PM

POS. We're enforced to be honest all the time. If they find out just a bit dishonesty in us, they get mad a lot. But nobody enforces them to be honest all the time. Is that fair?
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WhiskersTheCat
Champion Author Austin

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Message Posted: Apr 22, 2012 9:24:00 PM

It's seldom prosecuted because it rarely happens. There is a global market for hydrocarbons; that is how commodity prices are set.
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rawdog1313
Champion Author Lexington

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Message Posted: Apr 22, 2012 9:17:40 PM

This sounds like Faux News.......It would seem hard to get anything done with having to work with the Party of No!
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LQQKGAS
Champion Author Phoenix

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Message Posted: Apr 22, 2012 9:17:30 PM


Prosecute!
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judgemobile
Champion Author Ohio

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Message Posted: Apr 22, 2012 9:14:29 PM

oil compamies contribute a BOATLOAD to campaigns, unless you mess with their profits.
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visitor_2
Champion Author Orlando

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Message Posted: Apr 22, 2012 9:12:08 PM

not just Obama, all administrations fail at this
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KrsnaDragon
Champion Author Montreal

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Message Posted: Apr 22, 2012 9:11:18 PM

This 'news' article was boring when I read it yesterday.
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mike0616
All-Star Author Indiana

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Message Posted: Apr 22, 2012 9:11:05 PM

his backers are crooks? who'd thunk it? lol, we knew it all the time!!!!!!!!

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JLJunior
Veteran Author Texas

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Message Posted: Apr 22, 2012 9:09:48 PM

From the article:
"The Justice Department said it does not keep a detailed tally of its criminal cases."

Give me a break! If they don't, they need to be replaced by people who do: that's part of their job, for crying out loud.
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Bonito
Champion Author Dayton

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Message Posted: Apr 22, 2012 9:08:40 PM

THE RICH PROTECT THE RICH!! SIMPLE!
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gus8441
Champion Author Baltimore

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Message Posted: Apr 22, 2012 9:08:08 PM

shocker
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kgbellman
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Message Posted: Apr 22, 2012 9:07:49 PM

Of course not - I wonder who is in bed with who
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2bigtanks
All-Star Author Akron

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Message Posted: Apr 22, 2012 9:07:04 PM

Wait a minute. Thought he was against "big oil". Hummmmmm is right!
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ssect8
Champion Author Hartford

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Message Posted: Apr 22, 2012 9:05:28 PM

Makes no difference who is in the White House, this has been going on for years. Only solution ban lobbyists, which will never happen because all politicians can be bought off.
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blazerbob91
Champion Author Milwaukee

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Message Posted: Apr 22, 2012 9:05:21 PM

Gotta catch them then prove it.

[Edited by: blazerbob91 at 4/23/2012 12:05:35 AM EST]
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EASYRYDER
Champion Author Cincinnati

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Message Posted: Apr 22, 2012 9:05:07 PM

NOBAMA 2012
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TheeRedRam
Champion Author Hartford

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Message Posted: Apr 22, 2012 9:02:38 PM

Hummmmmm
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CatMan623
Champion Author Houston

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Message Posted: Apr 22, 2012 9:00:12 PM

He must be getting his cut...
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bullseye100
Champion Author New Jersey

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Message Posted: Apr 22, 2012 8:59:43 PM

Thanks for the article
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jjfisher
All-Star Author Toledo

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Message Posted: Apr 22, 2012 8:57:42 PM

whats next
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jci25946
Champion Author Tampa

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Message Posted: Apr 22, 2012 8:57:22 PM

One of the major reasons for high prices yet nothing is done!!
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69Bonne
Champion Author Gary

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Message Posted: Apr 22, 2012 8:56:42 PM

And if you get proof of price gouging it would take forever to prosecute.
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Focus2
Champion Author Illinois

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Message Posted: Apr 22, 2012 8:54:33 PM

I have never seen much done about any gouging either in all the years I have been buying gasoline. There were stations doing it but you had to get proof or turn them in.
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PoohMcGoo
Champion Author Alabama

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Message Posted: Apr 22, 2012 8:53:54 PM

But he talks a good game.
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SandyS2
Rookie Author Ontario

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Message Posted: Apr 22, 2012 8:52:42 PM

ok
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96sc1
Champion Author El Paso

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Message Posted: Apr 22, 2012 8:51:17 PM

If there is "little evidence of widespread manipulation in these markets", it should come as no surprise that "Oil price manipulation [is] seldom prosecuted under Obama".
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kgbellman
Champion Author Ann Arbor

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Message Posted: Apr 22, 2012 8:50:45 PM

Of course not - I wonder who is in bed with who
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DriverofRed
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Message Posted: Apr 22, 2012 8:46:37 PM

ok
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letterchunker
Champion Author Texas

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Message Posted: Apr 22, 2012 8:42:35 PM

In order to get all his green policies in place, the price of gas has to be high. His administration wants the price of gas over $5 per gal
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mstearno
Champion Author Dayton

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Message Posted: Apr 22, 2012 8:41:25 PM

he does not understand the economy or how it works
that simple
Mr comunity organizer
how stupid were you guys to vote for that??
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