President Obama wants to pull the rug out from underneath the illegal speculation in the oil markets, but critics say it's just a witch hunt to insulate the president from taking the blame for high gas prices. What do you think?
Commodities Markets Oversight Coalition spokesman Collura remains cautious on the outcome of the tough talk from the Obama administration. "It will be interesting to see whether or not the 'task force' really develops legs in order to have an effect on the bullish speculative activity in commodity prices. I believe that the White House assembled the task force not only to send a message to the public that it acknowledges the problem and is trying to do everything it can about it, but also a message to the market." Collura added that the renewed focus of the White House and the formation of the task force will have ripple effects across the administration and in the Congress, and noted that this week the CFTC announced that it's moving to prohibit mutual funds from evading regulation and investment caps on commodities via offshore subsidiaries. "I think you'll see more of this sort of activity as fuel prices stay at or above $4/gallon," Collura said. Indeed, it all raises the question, Is the Obama oil prices task force no more than lip service for the angry masses? Take our poll below, and see what TheStreet thinks.... -- Written by Eric Rosenbaum from New York.