Obama Moves to Address High Gas Prices

President Barack Obama is pressing Congress to tighten regulations governing oil speculators.

President Barack Obama wants Congress to give oil-market regulators more power to keep speculators from manipulating oil prices, which can lead to higher costs at the pump, the Huffington Post reports. 

Obama is asking legislators to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions, the Huffington Post reports. 

"We can't afford a situation where some speculators can reap millions while millions of American families get the short end of the stick," Obama said Tuesday at the White House.

AAA Mid-Atlantic says the average price of a gallon of regular gasoline in New Jersey on Friday was $3.79, which was unchanged from last week, according to the Courier-Post

But that’s still nearly 5 percent higher than the average price a year ago, when motorists paid $3.61 per gallon.

Meanwhile, the national average price last week fell by 4 cents to $3.90 per gallon, the newspaper reports. 

That’s a 2.3 percent increase over the national average from a year ago, which was $3.81.

Before stabilizing last week, gas prices had risen for 18 straight weeks in New Jersey, according to AAA. 

David Vaccaro April 20, 2012 at 03:17 AM
libsrsic David and Jack, The Patch is owed, as mentioned above, by the Huffington Post which has been financed by George Soros, the uber left billionaire, who reportedly dabbles in the destruction of nations' economies. The Patch staff never criticized contributors as vociferously as they've been doing on this thread. They must have been given their marching orders from Arianna Huffington to quell dissent of Obama as the election approaches. It seems you are correct. I knew the Obama man-love going on here was very strange. This is something the people of this local area should know. Thanks
libsrsic April 20, 2012 at 03:19 AM
Did any one say they didn't like President Obama because he's a democrat? Jennifer if you lived in Canada and, God forbid, have a serious medication condition for which you are put on a long waiting list, the first thing you'll do is get a ticket to the U.S.A. and book a room at one of our world's finest hospitals. (that is unless socialized medicine ruins it). I guess you're too young to realize that people have been coming to this Country for treatment because their government run health care in their respective Countries can't give them the immediate life saving care they need.
Jennifer S April 20, 2012 at 03:54 AM
libsric-I did live in Canada for 35 years. Waiting for a long time for treatment for something life threatening is a bit of an exaggeration. The reason there is a wait at all is because everyone gets treated. Period. No matter what. It is only extremely wealthy people that have the means necessary to travel to other countries that come to the US for treatment. And in that case to a specialty privately owned business. Not a public one. Here, people go around blind and without limbs because they can't afford a regular visit with their doctor where things like Diabetes can be detected. This is a horrible shame. I don't like to see anyone living with an illness because they can't afford insurance.
Matt Skoufalos April 20, 2012 at 04:03 AM
David, I know I've only been on the job for less than a week, but unless you're privy to some memos that I'm not getting, the only coverage dictate we have here at Patch is to serve the communities in which we are located with timely, accurate, and locally focused reporting. I can guarantee you that we welcome conversation of all kinds on these message boards--in fact, that's what we're seeing here. It's not necessary for you to slam the site for hosting a forum in which you can meet other folks to share your ideas. In truth, if anyone were stifling your opinions, they wouldn't be here at all to be read. So let's try to keep a little perspective, please.
Bob G-man April 20, 2012 at 04:12 AM
90% of the Canadian population lives within 100 miles of the U.S. border. It doesn't take a whole lot of "means' to get here.


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