We are almost paying a full dollar more for gas now than we were a year ago.
And that’s enough to get the White House involved.
President Barack Obama says the Justice Department is assembling a team to investigate fraud or manipulation in the oil markets.
Obama discussed gas prices and mentioned Attorney General Eric Holder’s the new task force during a town hall in Reno, Nev., on Thursday. He said he wants to make sure that consumers aren’t being taken advantage of in the short term.
Pump prices are averaging $3.84 per gallon for regular gas. That’s about 30 cents higher than a month ago and almost a dollar higher than a year ago.
But there’s not much Obama can do to affect the price in short term.
In other words, not only will we all see $4 pump prices, we might make it to $5 before anyone does something about it.