MI Sen. Levin supports President Obama's plan to target oil speculators

President Obama is setting his sights on oil-market speculators. The President laid out a plan this week that would make it easier for the government to regulate oil trading markets.

There’s concern in the Obama administration that speculators are artificially driving up the price of oil. The President’s plan would increase spending to provide better oversight of energy markets. It would also increase penalties against those who engage in illegal trading.

Michigan Democratic Senator Carl Levin is in favor of the President's plan. He thinks more regulation of the markets is needed. "This is not a situation where the market is governing – where the usual rules of supply and demand govern. As a matter of fact, if supply and demand were the driving force here, gas prices would be going down. Not up," Levin says.

The President concedes that his plan will not immediately lower gas prices. But he says it will prevent market manipulation which, in turn, will help consumers.