Plans to strengthen supervision of the oil markets and increase penalties for market manipulation were unveiled by the Obama administration yesterday in a bid to show that the White House is acting to curtail high petrol prices.
The measures, most of which require congressional approval, are the latest effort by the administration to crack down on market abuses, and come ahead of the summer driving season when petrol prices tend to rise.
“I call on Congress to pass a package of measures to crack down on illegal activity and hold accountable those who manipulate the market for private gain at the expense of millions of working families,” President Barack Obama told reporters yesterday.
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