Obama calls for more oil markets oversight

Oil   Policy

President Barack Obama on Tuesday called on Congress to beef up the monitoring of oil markets, but stopped short of predicting that his plan would lower the high cost of gasoline.

In a brief appearance at the Rose Garden with Attorney General Eric Holder, Treasury Secretary Timothy Geithner and Commodity Futures Trading Commission Chairman Gary Gensler, Obama said "none of these steps by themselves will bring down gas prices overnight. But it will prevent market manipulation and make sure we are looking out for American consumers."

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