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Obama's Oil Price Crusade Is Bogus: Poll

To that end, we asked readers of The Street this week whether Obama's task force on oil price manipulation was for real, or really just a way to talk the angry masses down from the verge of revolt.

The angry masses seem to think that President Obama is not only trying to talk them down from their boiling point, but as usual, is talking down to them.

Roughly 85% of poll respondents said the Obama oil prices task force is just politics.

Only 15% of survey takers think Obama is serious and illegal oil trading schemes are real.

Several readers and self-appointed replacements for the Federal Reserve pointed to the dollar's weakness as the real reason why crude oil prices keep rising, notably, during the week when Fed chairman Ben Bernanke held his first press conference and delivered the verbal equivalent of burning dollar bills with a cigarette lighter. The euro reached above $1.48 on Friday, even though coming into 2011, currency experts were worried about another euro crash.

The Maryland law professor Greenberger would say expert opinion trumps the angry masses, and the dollar, and we didn't ask for party affiliation or opinion of Big Ben when posting the poll. "If Justice appears to be using their subpoena power then oil prices will drop. Traders will run scared. These guys don't want to end up in jail. It wouldn't take long to uncover and it would be a great mistake if Justice didn't take it seriously and put their shoulder to the wheel," the legal and commodity expert said.

Crude oil settled at $113.93 on Friday, and touched the $114 mark earlier in the day, higher than when the week began.

The traders aren't running scared yet.

-- Written by Eric Rosenbaum from New York.

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>To contact the writer of this article, click here: Eric Rosenbaum.

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