Reich: ‘Rising gas prices’ controlled by Wall St.

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UC Berkeley professor Robert Reich explained Friday evening the real reason for rising gas prices in America, thanks to price speculation on Wall Street and not through “supply and demand.”

Appearing on Current TV’s The War Room, Reich told Jennifer Graholm how President Obama could do little to control the increase at the pump despite prominent Republican figures claiming he could.

“There’s not that much he (Obama) can do about supply and demand, but this isn’t about supply and demand Jennifer,” he said. “This is about speculation. Gas prices are being driven by Wall Street, by hedge fund managers, by hedge fund traders, by banker traders.”

“And isn’t it interesting, do you notice how the Republicans aren’t talking about Wall Street speculators? They are funding Republican campaigns to a much greater extent this time around than Democrats. and the reason is that the Democrats have come down hard with Dodd-Frank.”

WATCH: Video from Current TV, which was broadcast on March 2, 2012.