Podcasts & RSS Feeds
Most Active Stories
- No, Chinese investors aren't 'buying up Detroit' – but they do have an eye on the Motor City
- The average Michigan family needs $52,330 a year to 'make ends meet'
- Here are our 10 favorite photos of what your winter looks like
- Michigan's Attorney General is risking his political future over the gay marriage case
- What all the snow and ice will mean for Great Lakes water levels
Wed April 18, 2012
MI Sen. Levin supports President Obama's plan to target oil speculators
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.