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What do you do when you’re president and the economy sucks? Don’t hesitate; REGULATE!

That’s Barack Obama’s mantra, and he’s stickin’ to it. He’s speaking this morning on the need to increase federal oversight of the oil markets, because, as it has been proven time and time again, government interference in markets fixes things. When in doubt, create a task force, baby!

If you’re feeling as masochistic as we are, you can watch the speechification here.

Here’s a quick preview of the speech, courtesy of CBS’s Mark Knoller:

Pres Obama also wants Congress to authorize a ten-fold increase in maximum penalties for manipulative activity in oil futures markets.

— Mark Knoller (@markknoller) April 17, 2012

Further, Pres Obama wants Congress to empower the CFTC to raise margin requirements on those investing in oil futures markets.

— Mark Knoller (@markknoller) April 17, 2012

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President Obama says "there are no quick fixes" to high oil prices, but adds the answer is not just more drilling

— Jamie Dupree (@jamiedupree) April 17, 2012

Obama wants Congress to fund positions for regulators to watch energy markets for signs of financial manipulation

— Jamie Dupree (@jamiedupree) April 17, 2012

The President in his speech says they've shut down speculation of oil markets, but will noe look 2 see if there's speculation in oil markets

— S2 (@StewSays) April 17, 2012

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The President warned last month about "career politicians" offering 3-point plans on gas prices. Today, he offers a FIVE-point plan.

— S2 (@StewSays) April 17, 2012

Obama speaks about gas prices and oil markets only to ignore two shouted questions about confidence in USSS Director.

— David Chalian (@DavidChalian) April 17, 2012

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Obama's "oil speculator" hunts are a Spring tradition in Washington, like the Cherry Blossom festival. http://t.co/i5lrkyDI

— jimgeraghty (@jimgeraghty) April 17, 2012

If this pledge sounds familiar… it’s because Obama and his administration announce some new initiative to do this every year, usually as spring turns to summer and the price of gas increases as Americans drive more. It’s almost like the Cherry Blossom Festival…

 Now… with gas averaging $3.89 per gallon nationally and much higher in many parts of the country, we can conclude that either every previous initiative announced by the administration was spectacularly ineffective at containing the nefarious menace of oil price speculators… or that oil price speculators are not really the reason gas prices increase.

I've been away from politics for about five days, not sure I'm ready for another Obama *oil is evil* speech.

— Heather (@hmfearny) April 17, 2012

Obama announcing new publicity stunt initiative to complain about oil prices. He's still running the Gray Davis playbook.

— Dan McLaughlin (@baseballcrank) April 17, 2012

Shorter Obama: Gas prices are not my fault, but Imma spend an assload of money pretending to fix it.

— Dede (@teh_Dede) April 17, 2012

RT @davidhauptmann: And of course Obama blames "speculators" for high oil prices. Same things Democrats do every single year.

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— Sarah (@sarahbellumd) April 17, 2012

If I didn't know he really loves and wants high gas prices, I'd think @BarackObama has no idea what he's doing. #p2 #tcot

— Derek Hunter (@derekahunter) April 17, 2012

Dear @BarackObama: call your predecessor, when oil spiked on his watch – he got prices at the pump back down to $1.67 before he left.

— Elizabeth Blackney (@MediaLizzy) April 17, 2012

Why is it Obama and the rest of the moron left never credits "speculators" (aka investors) when prices go down? #tcot #p2

— RB (@RBPundit) April 17, 2012

"Energy prices will necessarily skyrocket" – Barack Obama, 2008.

— jon gabriel (@exjon) April 17, 2012

Obama: Drilling wont help. I've closed the Enron loophole… We now have a Solyndra loophole.

— Ken Harrison (@procopy) April 17, 2012

Does an "all of the above" strategy to reduce energy costs include a new #POTUS?

— Randy Clemens™ (@bostonrandy) April 17, 2012

Speculation isn't the problem and regulation isn't the solution.

— Rory Cooper (@rorycooper) April 17, 2012

Read more: http://twitchy.com/2012/04/17/president-obama-we-need-to-regulate-the-oil-markets-more/

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