Obama: US 'can't afford' oil speculators driving up prices

President Obama, in his latest effort to limit the political fallout from high gasoline prices, challenged Congress on Tuesday to pass legislation to ensure speculators aren’t manipulating energy markets.

“We can't afford a situation where speculators artificially manipulate markets by buying up oil, creating the perception of a shortage and driving prices higher, only to flip the oil for a quick profit,” Obama said during a Rose Garden speech Tuesday.

“We can't afford a situation where some speculators can reap millions, while millions of American families get the short end of the stick.”

Republicans who have battered the president over gas prices said Obama already had the tools to prevent manipulation and was merely playing politics with his plan.

Read more on The Hill's E2 Wire.