TRANSLATION: To slap price controls on the oil industry.
Of course, 0bama and gang won't tell you that as soon as they even begin, the oil industry will just sell the products to foreign markets, causing a shortage here in the US.
Now if they understood the principal of supply and demand, they would allow more exploration, drilling and production here in the US, thus driving down prices.
They understand that principle very well. You make the common mistake of thinking Obamao really wants to solve the problem when, in fact, he's 100% focused on telling the public any lies they want to hear to bolster his re-election numbers.
If elected he'll work hard to strangle supply/demand capitalism and replace it with a Brussels-type command economy. Marxists always promise the electorate pie and when they're served mud it's blamed on the"evil" capitalists. The tragedy is, it works.
hthttp://spectator.org/archives/2011/05/04/obamas-war-on-oil/1
all the sermonizing about speculators is a long standing, disreputable abuse of the public raised by political scoundrels every time oil prices rise. Oil prices are set in a world oil market. Speculators speculate that oil prices will fall as well as that they will rise. If they speculate the wrong way, they lose their shirts. That is why an exhaustive investigation in 2008 by the Commodities Futures Trading Commission, which unlike Obama’s politicized Justice Department actually enjoys expertise on the issue, concluded that the net effect of speculation was to reduce prices. That is because all the speculation just nets out to accelerating market recognition of supply and demand conditions, making oil prices smoother and less volatile, reducing risk and hence price.
That is why as Investors Business Daily editorialized on April 26, “At last count, 35 such investigations have been conducted over the decades, and none — not a single one — has turned up wrongdoing by investors or oilmen.” All of this talk of speculation is just boob bait for bubbas, intentionally misleading the gullible, uneducated, and easy to command. As IBD added, “Rather than carry out another useless inquisition of private citizens, our political class should be investigating its own role in the price crisis. The result would be a revelation for those who fall for Washington’s line about greedy businessmen whenever gasoline prices become painfully high.”
But President Obama does have a policy answer to the question, what is your plan to address rising gas prices?