Obama Administration Monitoring for Fuel Fraud

NEW YORK -- As fuel prices across the United States remain high, the Obama administration released a report today stating that it is monitoring gasoline and diesel prices in 360 cities to prevent fraud and price manipulation, according to Bloomberg. "Today's high gas prices are a painful reminder that there's much more work to do to free ourselves from our dependence on foreign oil and take control of our energy future," President Obama said in a statement released with the report.

Today’s announcement follows a March 6 press conference during which the President said he asked Attorney General Eric Holder to reconstitute a task force to ensure the government remains alert for "potential speculation in the oil markets." Today's report details the extent of such price monitoring.

The administration also stated that the Commodity Futures Trading Commission has also taken action to close loopholes that allowed financial trades to avoid oversight by trading in unregulated or overseas market.

Today, the White House is scheduled to receive a one-year progress report titled, "The Blueprint for a Secure Energy Future." In this report, six federal agencies conclude that increased U.S. oil and gas production, more efficient cars and trucks, and efficient refining operations have helped put the United States on track to reach President Obama's goal of reducing the country's oil imports by a third in just over a decade, according to Bloomberg. In 2011, the U.S. imported 45 percent of its oil needs, down 57 percent from 2008.

The nationwide average price for a gallon of regular gasoline stands at $3.801 today, three cents higher than one week ago, according to AAA data.