High gas prices prompt Justice Department to eye energy industry

Regular gas is nearly $5 a gallon at a service station this week in Washington. STORY HIGHLIGHTSNEW: Obama promises to ensure companies don't take advantage of U.S. consumersThere is no current evidence of illegal conduct, Attorney General Holder says"We will be vigilant in monitoring the oil and gas markets," he saysHe notes there are "lawful reasons" for increases in gasoline prices Washington (CNN) -- Prodded by growing public frustration over sharply rising gasoline prices, the Justice Department on Thursday announced the formation of a team -- the "Oil and Gas Price Fraud Working Group -- tasked with the goal of ensuring consumers are not victims of price gouging.

Gas prices exceeding $4 per gallon or higher are "tough" for most Americans, President Barack Obama told an audience in Reno, Nevada. "We are going to make sure that no one is taking advantage of American consumers for their own short-term gain."

"This gas issue is serious," the president said. "It hurts."

CNNMoney: Why is gas outpacing oil in price?

Attorney General Eric Holder made no secret the move is a direct response to public angst, not to current evidence of any illegal conduct.

"Rapidly rising gasoline prices are pinching the pockets of consumers across the country," Holder said in a written statement released at the Justice Department.

Gas price jumped while he was still pumping

View the Original article