But he’s not a socialist.
Barack Obama has a new plan to ease gas prices – He wants to take control of oil industry.
It’s the Maxine Waters plan.
Under pressure to take action on rising gasoline prices, President Obama wants Congress to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.
The White House plan, which Obama was to unveil Tuesday, 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 plans to spell out his $52 million proposal Tuesday at the White House, where he will be joined by Attorney General Eric Holder.
Republicans have been hammering Obama on his energy policies, recognizing the political cost of high gas prices on the president. Obama’s plan would turn the tables on Republicans by taking aim at Wall Street’s role in the oil price chain.
Senior administration officials who put together the proposal said it aims to detect and deter illegal manipulation by energy speculators, the type of practices that many Democrats blame for the high cost of gasoline. The officials spoke on the condition of anonymity to discuss the plan ahead of Obama’s announcement.
This way he can stifle production even further!