Administration Notes There Are Regional Differences in the Price of Gasoline

I was out and about with my granddaughters today. When I heard this on a 30-second soundbite on the five-minute, top-of-the-hour news, I thought it must be a joke: the administration is going to look into the high price of gasoline.

Let's see, let's start with Brent oil at $122 and WTI at $112.

I cannot make this stuff up. The administration is actually going to form a task group to see why gasoline costs so much.

The task force will focus some of its investigation on "the role of traders and speculators" in the oil-price surge, Obama said, and will include several Cabinet department officials, federal regulators and the National Association of Attorneys General.

In Washington, Holder said he would press ahead with the investigation, even though he did not cite any current evidence of intentional manipulation of oil and gas prices or fraud.

"Based upon our work and research to date, it is evident that there are regional differences in gasoline prices."

Regional differences in gasoline prices? Well, duh. There are regional differences in prices in just about everything.