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| White House plans to tackle oil prices - US politics live | White House plans to tackle oil prices - US politics live |
| (40 minutes later) | |
| 12.15pm: Mitt Romney was wooing Tea Party members in Philadelphia last night. Although he got a warm reception, there still doesn't appear to be huge enthusiasm for the candidate himself: | |
| Independence Hall Tea Party Pac President Teri Adams, who organized the event and said the group invited all of the candidates to speak over the last year, said she thinks her members are warming up to Romney. | |
| "In the end, most people, most Republicans, most people on the right will back the Republican nominee," Adams said. | |
| Dave Wilson, a tea party member who attended the event here, has been a fan of Romney for years. He's optimistic that fellow tea party members will support Romney. | |
| "They'll come around because the other guy is so bad," Wilson said. | |
| 11.47am: Tomorrow's news agenda today: the "Donald Trump for president" meme of 2012 will morph into the "Alec Baldwin for NYC mayor" in 2014, judging by this quote from Baldwin to Bloomberg Television's Betty Liu this morning: | 11.47am: Tomorrow's news agenda today: the "Donald Trump for president" meme of 2012 will morph into the "Alec Baldwin for NYC mayor" in 2014, judging by this quote from Baldwin to Bloomberg Television's Betty Liu this morning: |
| I have a contract to work for NBC through some point in 2013. We don't know how long the season is going to be or how long we are going to work, but I do know that there is one more season to do next year, contractually. Right now I am just looking at finishing what is in front of me. It is something that I would love to do. The only thing that I can suggest is that two years, four years, is an eternity in an American political life. Let's see what things are like in 2014 and maybe I can find some opportunity. | I have a contract to work for NBC through some point in 2013. We don't know how long the season is going to be or how long we are going to work, but I do know that there is one more season to do next year, contractually. Right now I am just looking at finishing what is in front of me. It is something that I would love to do. The only thing that I can suggest is that two years, four years, is an eternity in an American political life. Let's see what things are like in 2014 and maybe I can find some opportunity. |
| 11.39am: Well that's it – a fairly abrupt end by President Obama. So how does this differ from the White House's previous attempt to halt market manipulation? Other than the proposal to raise the maximum fine for speculation to $10m. | 11.39am: Well that's it – a fairly abrupt end by President Obama. So how does this differ from the White House's previous attempt to halt market manipulation? Other than the proposal to raise the maximum fine for speculation to $10m. |
| Here's the White House's fact sheet on today's announcement. And here's the Financial Times's Anna Fifield and Gregory Meyer: | Here's the White House's fact sheet on today's announcement. And here's the Financial Times's Anna Fifield and Gregory Meyer: |
| Mr Obama's announcement comes as global crude prices hover near $120 a barrel, prompting political leaders in western countries to consider an array of responses, including the possible release of strategic oil reserves. US petrol prices have eased slightly but remain near the politically sensitive $4 a gallon level on average. | Mr Obama's announcement comes as global crude prices hover near $120 a barrel, prompting political leaders in western countries to consider an array of responses, including the possible release of strategic oil reserves. US petrol prices have eased slightly but remain near the politically sensitive $4 a gallon level on average. |
| Gregory Mocek, a former CFTC enforcement director with the law firm Cadwalader, Wickersham & Taft, said: "The announcement today seems to be a political reaction to higher gasoline prices. The CFTC was a tough cop on the beat during the Bush administration, and the energy cases that were pursued then were done without prescriptive rules and regulations. | Gregory Mocek, a former CFTC enforcement director with the law firm Cadwalader, Wickersham & Taft, said: "The announcement today seems to be a political reaction to higher gasoline prices. The CFTC was a tough cop on the beat during the Bush administration, and the energy cases that were pursued then were done without prescriptive rules and regulations. |
| 11.30am: Speculators cannot be allowed to manipulate the markets "only to flip the oil for a quick profit," says Obama, recalling how Enron manipulated electricity prices. | 11.30am: Speculators cannot be allowed to manipulate the markets "only to flip the oil for a quick profit," says Obama, recalling how Enron manipulated electricity prices. |
| Obama says he asked Eric Holder, the attorney general, to work with other departments and regulators to seek to stop market manipulation. But that is not enough, he says: | Obama says he asked Eric Holder, the attorney general, to work with other departments and regulators to seek to stop market manipulation. But that is not enough, he says: |
| I call on Congress to pass a package of measures ... I want Congress to put more cops on the beat to monitor energy markets. | I call on Congress to pass a package of measures ... I want Congress to put more cops on the beat to monitor energy markets. |
| There then follows a laundry list of measures that Obama wants Congress to authorise "right away". These include: | There then follows a laundry list of measures that Obama wants Congress to authorise "right away". These include: |
| • Increase the surveillance and enforcement staff of the Commodity Futures Trading Commission to deter oil market manipulation | • Increase the surveillance and enforcement staff of the Commodity Futures Trading Commission to deter oil market manipulation |
| • Increase spending on technology to improve oversight and surveillance of energy markets | • Increase spending on technology to improve oversight and surveillance of energy markets |
| • Increase civil and criminal penalties against firms that engage in market manipulation from $1m to $10m | • Increase civil and criminal penalties against firms that engage in market manipulation from $1m to $10m |
| • Give the Commodity Futures Trading Commission authority to increase the margins that traders must pay up front to buy future contracts | • Give the Commodity Futures Trading Commission authority to increase the margins that traders must pay up front to buy future contracts |
| "None of these steps by themselves will bring gas prices down overnight," Obama says, redundantly. | "None of these steps by themselves will bring gas prices down overnight," Obama says, redundantly. |
| 11.25am: President Obama is now speaking at the White House's Rose Garden on the need for increased supervision of the oil markets. | 11.25am: President Obama is now speaking at the White House's Rose Garden on the need for increased supervision of the oil markets. |
| "Obviously, rising gas prices means a rough ride for a lot of families," says Obama, noting that some people "have no choice but to drive 50 or 60 miles to get to their jobs". But there are no easy answers: | "Obviously, rising gas prices means a rough ride for a lot of families," says Obama, noting that some people "have no choice but to drive 50 or 60 miles to get to their jobs". But there are no easy answers: |
| We've added enough oil and gas pipelines to circle the earth, and then some.... Even if we drilled every square inch of this country, right now, we'd still have to import oil from other countries. | We've added enough oil and gas pipelines to circle the earth, and then some.... Even if we drilled every square inch of this country, right now, we'd still have to import oil from other countries. |
| 11.03am: The big story of the 2012 presidential election is going to be effect of the tsunami of cash unleashed by the new Super Pacs – with the Republicans in particular having access to a vast pool of donations. | 11.03am: The big story of the 2012 presidential election is going to be effect of the tsunami of cash unleashed by the new Super Pacs – with the Republicans in particular having access to a vast pool of donations. |
| The New York Times has a first stab at where the money is coming from: | The New York Times has a first stab at where the money is coming from: |
| A new joint fund-raising initiative between Mitt Romney and the Republican National Committee will aim to raise $800m by November, part of what Mr Romney's campaign estimates will be a total of $1bn spent to defeat President Obama and elect Mr Romney, a former Massachusetts governor. | A new joint fund-raising initiative between Mitt Romney and the Republican National Committee will aim to raise $800m by November, part of what Mr Romney's campaign estimates will be a total of $1bn spent to defeat President Obama and elect Mr Romney, a former Massachusetts governor. |
| The goals were laid out in a memorandum circulated by Mr Romney's top fund-raisers in recent days and on a conference call with donors late last week. The memo indicates that Mr. Romney's top aides hope to collect a total of at least $500m for the campaign and for the joint fund, known as Romney Victory, through a program for high-dollar donations. | The goals were laid out in a memorandum circulated by Mr Romney's top fund-raisers in recent days and on a conference call with donors late last week. The memo indicates that Mr. Romney's top aides hope to collect a total of at least $500m for the campaign and for the joint fund, known as Romney Victory, through a program for high-dollar donations. |
| 10.40am: Since Mitt Romney is eager to show voters that he's not rich or out of touch, what better way to do that than have Donald Trump host a birthday lunch in New York for Ann Romney to raise $600,000 for Mitt's campaign? | 10.40am: Since Mitt Romney is eager to show voters that he's not rich or out of touch, what better way to do that than have Donald Trump host a birthday lunch in New York for Ann Romney to raise $600,000 for Mitt's campaign? |
| ABC News reports: | ABC News reports: |
| Tuesday's event at Trump's primary residence, a triplex on 5th Avenue, was originally only supposed to hold 200 people. But when capacity was filled within 48 hours of invitations going out, the campaign "began to panic," says [Trump spokesman Michael] Cohen. He says they asked to extend the number of people attending, which will now be 400. | Tuesday's event at Trump's primary residence, a triplex on 5th Avenue, was originally only supposed to hold 200 people. But when capacity was filled within 48 hours of invitations going out, the campaign "began to panic," says [Trump spokesman Michael] Cohen. He says they asked to extend the number of people attending, which will now be 400. |
| In order to accommodate the droves, there will be two shifts of attendees - the first batch of 200 spending time with Ann Romney from noon to 1.15pm, and the second crowd coming in from 1.30pm to 3pm. Buddy Valastro, star of the Bravo show Cake Boss, custom designed a cake for the party. | In order to accommodate the droves, there will be two shifts of attendees - the first batch of 200 spending time with Ann Romney from noon to 1.15pm, and the second crowd coming in from 1.30pm to 3pm. Buddy Valastro, star of the Bravo show Cake Boss, custom designed a cake for the party. |
| 10.20am: Washington DC just took a collective break to look up and see the space shuttle Discovery pass over the centre of the city, including the White House and the Washington Monument. | 10.20am: Washington DC just took a collective break to look up and see the space shuttle Discovery pass over the centre of the city, including the White House and the Washington Monument. |
| yfrog.com/ms446cj The space shuttle Discovery flies over Washington on its final voyage,.. | yfrog.com/ms446cj The space shuttle Discovery flies over Washington on its final voyage,.. |
| It was a bonanza of blurry photos posted to Twitter – except for this fine piece of work by New York Times snapper Doug Mills. | It was a bonanza of blurry photos posted to Twitter – except for this fine piece of work by New York Times snapper Doug Mills. |
| The shuttle is en route to Dulles airport, where it will wait three hours for its bags to be unloaded and then another 30 minutes for an overpriced taxi. | The shuttle is en route to Dulles airport, where it will wait three hours for its bags to be unloaded and then another 30 minutes for an overpriced taxi. |
| it's a plane on top of a plane. what's the big deal? | it's a plane on top of a plane. what's the big deal? |
| But not everyone was impressed. And with reason: | |
| The nation spent more on the space shuttle than the combined cost of soaring to the moon, creating the atom bomb, and digging the Panama Canal, according to an analysis by the Associated Press using figures from Nasa and the Smithsonian Institution and adjusting for inflation. | |
| Even its most ardent supporters concede that the shuttle program never lived up to its initial promise. The selling point when it was conceived four decades ago was that with weekly launches, getting into space would be relatively inexpensive and safe. That wasn't the case. | |
| 10.09am: From the Department of Lukewarm Endorsements. One-time presidential contender Michele Bachmann appears on Fox News this morning and urges the Republican party "to get behind the eventual nominee". | 10.09am: From the Department of Lukewarm Endorsements. One-time presidential contender Michele Bachmann appears on Fox News this morning and urges the Republican party "to get behind the eventual nominee". |
| There you are Mitt Romney: eventual nominee. | There you are Mitt Romney: eventual nominee. |
| 10am: The price of energy, especially gas, remains a potent political issue in the US – and the White House is attempting to score points with voters by announcing a crackdown on oil price manipulation. | 10am: The price of energy, especially gas, remains a potent political issue in the US – and the White House is attempting to score points with voters by announcing a crackdown on oil price manipulation. |
| President Obama is to make an announcement this morning urging Congress to strengthen supervision of US oil markets, with increased penalties for market manipulation and more powers for regulators to increase the margins that energy traders are required to pay for derivatives. | President Obama is to make an announcement this morning urging Congress to strengthen supervision of US oil markets, with increased penalties for market manipulation and more powers for regulators to increase the margins that energy traders are required to pay for derivatives. |
| Meanwhile: here's a brief round-up of the latest news: | Meanwhile: here's a brief round-up of the latest news: |
| • A new attempt to move the Buffett Rule – requiring millionaires to pay more tax – through Congress ended in the Senate last night when Democrats were unable to get the 60 votes necessary to break a filibuster and proceed to a full consideration of the measure. Only Republican Senator Susan Collins crossed the floor and voted for the measure, while Democratic Senator Mark Pryor of Arkansas voted to block it. | • A new attempt to move the Buffett Rule – requiring millionaires to pay more tax – through Congress ended in the Senate last night when Democrats were unable to get the 60 votes necessary to break a filibuster and proceed to a full consideration of the measure. Only Republican Senator Susan Collins crossed the floor and voted for the measure, while Democratic Senator Mark Pryor of Arkansas voted to block it. |
| • The spending scandal at the General Services Administration was probed on Capitol Hill, as House Republicans roasted the Obama administration for a 2010 Las Vegas convention for GSA staff that cost more than $800,000. | • The spending scandal at the General Services Administration was probed on Capitol Hill, as House Republicans roasted the Obama administration for a 2010 Las Vegas convention for GSA staff that cost more than $800,000. |
| • Despite dropping his presidential bid, Rick Santorum tells supporters that he has still not spoken to Mitt Romney – suggesting an endorsement isn't coming soon. On his failed bid, Santorum said: "We all know just because God calls you to do something doesn't mean he calls you to be successful in doing it." | • Despite dropping his presidential bid, Rick Santorum tells supporters that he has still not spoken to Mitt Romney – suggesting an endorsement isn't coming soon. On his failed bid, Santorum said: "We all know just because God calls you to do something doesn't mean he calls you to be successful in doing it." |
| • Retiring congressman Barney Frank said the Obama administration underestimated the size of the recession in passing healthcare reform in 2009. He told New York magazine: "I think we paid a terrible price for health care. I would not have pushed it as hard." | • Retiring congressman Barney Frank said the Obama administration underestimated the size of the recession in passing healthcare reform in 2009. He told New York magazine: "I think we paid a terrible price for health care. I would not have pushed it as hard." |