Obama: Penalties for Oil Companies

    President Barack Obama announces a plan to increase oversight and crack down on manipulation in oil markets during a statement in the Rose Garden of the White House in Washington, Tuesday, April 17, 2012.  (AP Photo/Susan Walsh)

    Susan Walsh / AP Photo

    President Obama on Tuesday announced a proposed crackdown on oil companies manipulating the oil markets to raise gas prices—a move that Republicans immediately denounced as being political. Obama also called for more funding for government oversight. Under Obama’s proposal, civil penalties for firms involved in market manipulation would rise to $10 million from $1 million and  would be assessed for each day rather than on a per-violation basis. Maximum criminal penalties would rise to $10 million as well. Republicans said the White House’s proposal would only restrict oil production.

    Read it at Reuters