Obama: We will end 'manipulation' of gas prices

Faced with the prospect of $5-a-gallon gas this summer, President Obama said today his Justice Department is creating a team to "root out any cases of fraud or manipulation in the oil markets that might affect gas prices."

"That includes the role of traders and speculators," Obama said at a town hall-style meeting in Reno, Nev. "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," Obama said, adding that the best solution is developing alternative energy sources.

The Justice Department is also looking at allegations of price gouging, said Obama, who devoted most of his remarks to his plan to reduce the nation's $14 trillion-plus debt.

Obama also took questions:

3:15 p.m. -- A man asks about renewable energy programs.

Obama discusses the pro and cons of U.S, energy programs: Coal is plentiful, but dirty; nuclear power is cheap, but Japan's problems underscore its damages. He also touts conservation.

3:23 p.m. -- An educator asks what Obama is doing to promote his health care plan -- she fears the opposition has gotten the upper hand on communications.

Obama notes that back in the 1930s, Social Security was controversial, but people got behind the program once they saw how it worked. He predicts something similar with the health care law, which he does on to describe at length.

3:31 p.m. -- A man "applauds" Obama's commitment to clean energy. For the second straight day, Obama is getting a lot of softballs.

3:37 p.m. -- A woman asks for more research money into the causes of chronic fatigue syndrome.

Obama says he's heard of the disease, but is not expert -- and will look into it.

3:40 p.m. -- A student at the University of Nevada at Reno protests budget cuts, and asks how we can change the political rhetoric so that "taxes" is not a dirty word -- he also tells Obama he loves him, and voted for him.

Obama says "in some cases we're going to need more revenues," especially for critical investments like education. He also notes that he has cut taxes, including an ongoing payroll tax holiday. Stresses that taxes are lower now than they have been in a generation -- and wealthy people like himself can afford to pay more for essential services so that we can live in a "good society."

Obama ends the town hall at 3:50 p.m.