Reporting from Washington—
With gas prices rising nationwide, the Obama administration said it will investigate the energy markets for any evidence of manipulation of oil and gas prices.
With the average price of a gallon of gas at about $3.84 nationally this week, almost a dollar higher than a year ago, the U.S. Attorney General's office formed the Oil and Gas Price Fraud Working Group to root out cases of fraud and collusion, as well as price manipulation.
"We are going to make sure that no one is taking advantage of the American people for their own short-term gain," President Obama said Thursday at a town hall meeting in Nevada.
The group will consist of representatives from nine federal organizations including the Justice, Treasury, Agriculture and Energy departments, the Federal Trade Commission, theFederal Reserve Board and the Securities and Exchange Commission. Each will have its normal investigative powers, aJustice Department spokeswoman said.