President Obama to Crack Down on Oil Manipulation

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Oil derricks in Texas
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President Obama announced a crackdown on manipulation and speculation in the oil markets, calling for more government oversight of the oil markets, including increased funding and staffing for the Commodities Future Trading Commission and an increase in civil and criminal penalties for market manipulators. Tom Kloza, chief oil analyst at Oil Price Information Service, looks at Obama’s speech, oil speculation, and energy pricing.