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 . `` We will be vigilant in monitoring the oil and gas markets for any wrongdoing so that consumers can be confident they are not paying higher prices as a result of illegal activity , '' he said . The working group will report to the existing Financial Fraud Task Force , which in turn reports to the attorney general . The new working group will be composed of representatives of the Justice Department , the National Association of ( State ) Attorneys General , the Treasury Department , the Energy Department , and several financial regulatory agencies . Holder said he is asking the group to explore `` whether there is any evidence of manipulation of oil and gas prices , collusion , fraud , or misrepresentations at the retail or wholesale levels that would violate state or federal laws . '' iReport : What are gas prices like where you live ? While promising official vigilance , the attorney general acknowledged regional differences in gasoline prices , and said , `` It is also clear that there are lawful reasons for increases in gas prices , given supply and demand . ''
NEW : Obama promises to ensure companies do n't take advantage of U.S. consumers . Comment: `` We will be vigilant in monitoring the oil and gas markets , '' he says . He notes there are `` lawful reasons '' for increases in gasoline prices .