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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 Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Apr 28, 2012 4:55:19 AM Ignore honda0105 Report Abuse clp: that it does, doesn't it?
clpassenubye Champion Author Los Angeles Posts:3,359 Points:754,355 Joined:Mar 2011	Message Posted: Apr 27, 2012 9:50:35 AM Ignore clpassenubye Report Abuse It takes a lot of time and even more money and you have to have ironclad proof to win.
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Apr 27, 2012 8:47:45 AM Ignore drpepperTX Report Abuse 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.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Apr 27, 2012 2:49:07 AM Ignore honda0105 Report Abuse and some people have a real job and don't have to brag about working on the taxpayer dime.
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Apr 25, 2012 9:27:14 PM Ignore drpepperTX Report Abuse 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.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Apr 25, 2012 9:09:59 PM Ignore honda0105 Report Abuse 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.
KAR120CSII Champion Author Oregon Posts:3,182 Points:621,695 Joined:Apr 2010	Message Posted: Apr 25, 2012 3:19:01 PM Ignore KAR120CSII Report Abuse 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]
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Apr 25, 2012 9:12:29 AM Ignore drpepperTX Report Abuse Apparently honda0105 does not bother to do research, it's not convenient I reckon. The previous administration first checked into this in 2006.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Apr 25, 2012 3:05:41 AM Ignore honda0105 Report Abuse 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.
KAR120CSII Champion Author Oregon Posts:3,182 Points:621,695 Joined:Apr 2010	Message Posted: Apr 24, 2012 9:24:41 PM Ignore KAR120CSII Report Abuse 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.
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Apr 24, 2012 6:04:11 AM Ignore drpepperTX Report Abuse Honda0105, you're lying. VVVVVVVVVVVVVVVVVVVVVVVV
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Apr 24, 2012 3:03:31 AM Ignore honda0105 Report Abuse it's hard to prove. Only in August 2008 when prices shot through the roof did the previous administration do anything about it.
gawxnative All-Star Author Atlanta Posts:510 Points:229,865 Joined:Aug 2006	Message Posted: Apr 23, 2012 1:11:46 PM Ignore gawxnative Report Abuse big surprise
sparky808 Champion Author Honolulu Posts:3,003 Points:598,710 Joined:Sep 2011	Message Posted: Apr 23, 2012 10:39:57 AM Ignore sparky808 Report Abuse Thank you for posting.
PatAZ Champion Author Tucson Posts:9,249 Points:122,380 Joined:May 2008	Message Posted: Apr 23, 2012 6:58:56 AM Ignore PatAZ Report Abuse I doubt you will find any administration has pursued this vigorously.
Hobby001 Champion Author Michigan Posts:5,093 Points:1,184,840 Joined:Jul 2007	Message Posted: Apr 23, 2012 6:40:06 AM Ignore Hobby001 Report Abuse Soros first.
bowler360 Champion Author Illinois Posts:1,975 Points:499,775 Joined:Jun 2011	Message Posted: Apr 23, 2012 6:09:06 AM Ignore bowler360 Report Abuse I'm not happy with "hope".
wild3bill Champion Author New York Posts:2,546 Points:1,687,015 Joined:Nov 2005	Message Posted: Apr 23, 2012 12:06:39 AM Ignore wild3bill Report Abuse If his lips are moving his pants catch fire!
Travel1st Champion Author Las Vegas Posts:2,925 Points:471,635 Joined:Aug 2011	Message Posted: Apr 22, 2012 11:56:35 PM Ignore Travel1st Report Abuse humm
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Apr 22, 2012 9:55:38 PM Ignore Agarre Report Abuse so
platinum16434 Veteran Author Houston Posts:289 Points:121,545 Joined:Sep 2008	Message Posted: Apr 22, 2012 9:25:06 PM Ignore platinum16434 Report Abuse 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?
WhiskersTheCat All-Star Author Austin Posts:820 Points:1,321,730 Joined:Oct 2008	Message Posted: Apr 22, 2012 9:24:00 PM Ignore WhiskersTheCat Report Abuse It's seldom prosecuted because it rarely happens. There is a global market for hydrocarbons; that is how commodity prices are set.
rawdog1313 Champion Author Lexington Posts:3,304 Points:1,643,780 Joined:May 2008	Message Posted: Apr 22, 2012 9:17:40 PM Ignore rawdog1313 Report Abuse This sounds like Faux News.......It would seem hard to get anything done with having to work with the Party of No!
LQQKGAS Champion Author Phoenix Posts:2,669 Points:1,196,015 Joined:Oct 2009	Message Posted: Apr 22, 2012 9:17:30 PM Ignore LQQKGAS Report Abuse Prosecute!
judgemobile Champion Author Ohio Posts:7,575 Points:2,446,110 Joined:Nov 2005	Message Posted: Apr 22, 2012 9:14:29 PM Ignore judgemobile Report Abuse oil compamies contribute a BOATLOAD to campaigns, unless you mess with their profits.
visitor_2 Champion Author Orlando Posts:1,652 Points:1,637,155 Joined:Aug 2006	Message Posted: Apr 22, 2012 9:12:08 PM Ignore visitor_2 Report Abuse not just Obama, all administrations fail at this
KrsnaDragon Champion Author Montreal Posts:2,412 Points:531,525 Joined:Nov 2011	Message Posted: Apr 22, 2012 9:11:18 PM Ignore KrsnaDragon Report Abuse This 'news' article was boring when I read it yesterday.
mike0616 All-Star Author Louisville Posts:712 Points:398,200 Joined:Aug 2004	Message Posted: Apr 22, 2012 9:11:05 PM Ignore mike0616 Report Abuse his backers are crooks? who'd thunk it? lol, we knew it all the time!!!!!!!!
JLJunior Veteran Author Texas Posts:259 Points:2,188,320 Joined:Oct 2004	Message Posted: Apr 22, 2012 9:09:48 PM Ignore JLJunior Report Abuse 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.
Bonito Champion Author Dayton Posts:15,754 Points:3,007,895 Joined:Jun 2004	Message Posted: Apr 22, 2012 9:08:40 PM Ignore Bonito Report Abuse THE RICH PROTECT THE RICH!! SIMPLE!
gus8441 Champion Author Baltimore Posts:2,119 Points:443,800 Joined:Feb 2012	Message Posted: Apr 22, 2012 9:08:08 PM Ignore gus8441 Report Abuse shocker
kgbellman Champion Author Ann Arbor Posts:2,718 Points:732,815 Joined:Mar 2011	Message Posted: Apr 22, 2012 9:07:49 PM Ignore kgbellman Report Abuse Of course not - I wonder who is in bed with who
2bigtanks All-Star Author Akron Posts:772 Points:371,610 Joined:Jun 2011	Message Posted: Apr 22, 2012 9:07:04 PM Ignore 2bigtanks Report Abuse Wait a minute. Thought he was against "big oil". Hummmmmm is right!
ssect8 Champion Author Hartford Posts:7,994 Points:2,094,270 Joined:Jun 2006	Message Posted: Apr 22, 2012 9:05:28 PM Ignore ssect8 Report Abuse 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.
blazerbob91 Champion Author Milwaukee Posts:6,145 Points:1,883,670 Joined:Aug 2005	Message Posted: Apr 22, 2012 9:05:21 PM Ignore blazerbob91 Report Abuse Gotta catch them then prove it. [Edited by: blazerbob91 at 4/23/2012 12:05:35 AM EST]
EASYRYDER Champion Author Cincinnati Posts:11,336 Points:2,287,425 Joined:Nov 2006	Message Posted: Apr 22, 2012 9:05:07 PM Ignore EASYRYDER Report Abuse NOBAMA 2012
TheeRedRam Champion Author Hartford Posts:3,168 Points:673,610 Joined:Jun 2011	Message Posted: Apr 22, 2012 9:02:38 PM Ignore TheeRedRam Report Abuse Hummmmmm
CatMan623 Champion Author Houston Posts:16,371 Points:2,344,770 Joined:Aug 2006	Message Posted: Apr 22, 2012 9:00:12 PM Ignore CatMan623 Report Abuse He must be getting his cut...
bullseye100 Champion Author New Jersey Posts:2,429 Points:584,580 Joined:Aug 2011	Message Posted: Apr 22, 2012 8:59:43 PM Ignore bullseye100 Report Abuse Thanks for the article
jjfisher All-Star Author Toledo Posts:547 Points:749,460 Joined:Aug 2008	Message Posted: Apr 22, 2012 8:57:42 PM Ignore jjfisher Report Abuse whats next
jci25946 Champion Author Tampa Posts:3,271 Points:940,765 Joined:Jan 2006	Message Posted: Apr 22, 2012 8:57:22 PM Ignore jci25946 Report Abuse One of the major reasons for high prices yet nothing is done!!
69Bonne Champion Author Gary Posts:1,155 Points:474,125 Joined:Sep 2005	Message Posted: Apr 22, 2012 8:56:42 PM Ignore 69Bonne Report Abuse And if you get proof of price gouging it would take forever to prosecute.
Focus2 Champion Author Illinois Posts:7,892 Points:1,919,340 Joined:Mar 2006	Message Posted: Apr 22, 2012 8:54:33 PM Ignore Focus2 Report Abuse 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.
PoohMcGoo Champion Author Alabama Posts:3,067 Points:800,585 Joined:Dec 2010	Message Posted: Apr 22, 2012 8:53:54 PM Ignore PoohMcGoo Report Abuse But he talks a good game.
SandyS2 Rookie Author Ontario Posts:22 Points:58,690 Joined:Apr 2012	Message Posted: Apr 22, 2012 8:52:42 PM Ignore SandyS2 Report Abuse ok
96sc1 Champion Author El Paso Posts:8,517 Points:1,367,440 Joined:Mar 2008	Message Posted: Apr 22, 2012 8:51:17 PM Ignore 96sc1 Report Abuse 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".
kgbellman Champion Author Ann Arbor Posts:2,718 Points:732,815 Joined:Mar 2011	Message Posted: Apr 22, 2012 8:50:45 PM Ignore kgbellman Report Abuse Of course not - I wonder who is in bed with who
DriverofRed Champion Author Calgary Posts:2,178 Points:412,860 Joined:Dec 2011	Message Posted: Apr 22, 2012 8:46:37 PM Ignore DriverofRed Report Abuse ok
letterchunker Champion Author Texas Posts:2,245 Points:667,675 Joined:Aug 2008	Message Posted: Apr 22, 2012 8:42:35 PM Ignore letterchunker Report Abuse 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
mstearno Champion Author Dayton Posts:8,071 Points:1,732,210 Joined:Jan 2008	Message Posted: Apr 22, 2012 8:41:25 PM Ignore mstearno Report Abuse he does not understand the economy or how it works that simple Mr comunity organizer how stupid were you guys to vote for that??