Obama Wants to Crack Down on ‘Oil Speculators’ Even Though it Won’t Bring Down Price of Gas

President Obama is loathe to do anything productive that will reduce the price we pay at the pump. He just wants to appear to be doing something, so he’s announced a plan to crack down on those evil “oil speculators” and he’s asking for $52 million to implement this plan. But he admits it won’t do anything to bring down the price of gas.

Obama said the plan would put “more cops on the street” to catch speculators who attempt to manipulate markets for their own profit. He also chastised Congress for recently voting against ending tax breaks to U.S. oil companies and said passing his proposal would help members redeem themselves.

Still, the president acknowledged such efforts “will not bring down gas prices overnight.”

The plan is more likely to draw sharp election-year distinctions with Republicans than have an immediate effect on prices at the pump. The measures seek to boost spending for Wall Street enforcement at a time when congressional Republicans are seeking to limit the reach of federal financial regulations.

Obama was joined Tuesday by Attorney General Eric Holder in spelling out his $52 million proposal. (Read More)

No doubt Team Obama conducted a poll or a focus group and found “oil speculators” to be unpopular today.

Mitt Romney slammed the proposal, calling it “government by gimmick.” That seems to be all Obama knows.

Presumptive GOP presidential nominee Mitt Romney said President Obama’s “government by gimmick” had reached a new low with this effort to crack down on oil speculation.

“While American families struggle to pay gas prices that have doubled on his watch, the president’s only solutions are to target oil and gas producers for higher taxes and now to dramatically increase federal regulation,” Mr. Romney said. “These policies will do nothing to reduce energy prices, expand domestic production, or strengthen the American economy. And they will not distract the American people from the president’s consistent record of sacrificing America’s energy future to appease the environmental extremists in the Democratic Party.”

The Republican National Committee said in a statement Tuesday that the White House move shows that Mr. Obama has run out of ideas when it comes to dealing with soaring oil and gas prices. (Read More)

Another day, another gimmick. What do you expect from a guy with such a thin resume?

Update: After Obama’s announcement oil prices spiked.