Tags: US | Obama

Obama: No Magic Bullet to Lower Gas Prices

Saturday, 25 Feb 2012 08:46 AM

 

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON — President Barack Obama says there is no easy answer to the problem of rising energy prices, dismissing Republican plans to address the problem as little more than gimmicks.

"We know there's no silver bullet that will bring down gas prices or reduce our dependence on foreign oil overnight," Obama said Saturday in his weekly radio and Internet address. "But what we can do is get our priorities straight and make a sustained, serious effort to tackle this problem."

Oil prices are approaching last year's highs as tensions increase over Iran's nuclear program. The rise pushed gasoline prices Friday to a national average of $3.65 a gallon, the highest ever for this time of year. A spike in gas prices is normal in spring, but it came earlier than usual this year in large part because of world fears that the growing confrontation with Iran will crimp oil supplies. Iran is the world's third-largest crude supplier.

Rising oil prices weigh on the economy, pushing leisure and business travel costs higher. Every 1-cent increase in the price of gasoline costs the economy $1.4 billon, analysts say.

Obama said Republicans have one answer to the oil pinch: Drill.

"You know that's not a plan, especially since we're already drilling," Obama said, echoing his remarks earlier in the week. "It's a bumper sticker."

Obama is pushing what he calls an "all-of-the-above" approach to the problem of limited energy resources, meaning an attempt to seek out alternative energy sources while reducing consumption of traditional fuels.

In the Republican address, Texas Sen. Kay Bailey Hutchison blamed the rise in gasoline prices partly on the Obama administration, which she said has blocked some potential new sources of oil and gas.

"We can't slow down global demand for oil and gas, but we can do a lot more here at home to assure that we have the energy we need and to halt skyrocketing costs," she said. "President Obama's policy has resulted in an unprecedented slowdown in new exploration and production of oil and gas."

For all the political claims, economists say there's not much a president of either party can do about gasoline prices. Certainly not in the short term. But it's clear that people are concerned — a new Associated Press-GfK poll says 7 in 10 Americans find the issue deeply important — so it's sure to be a political issue through the summer.

The price of gasoline, which is made from crude oil, has soared with oil prices. The national average jumped by nearly 12 cents per gallon in a week, with state averages above $4 per gallon in California, Alaska and Hawaii.

At $3.65 per gallon, gasoline is still below last year's high of $3.98 and the record $4.11 set in 2008.

 


© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Evangelicals With Gay Children Challenging Church

Thursday, 27 Nov 2014 16:00 PM

Rob and Linda Robertson did what they believed was expected of them as good Christians.When their 12-year-old son Ryan s . . .

Frank Yablans, Former Paramount President, Dies at 79

Thursday, 27 Nov 2014 16:00 PM

Frank Yablans, the president of Paramount Pictures during the fertile early '70s era of films such as "The Godfather" an . . .

Central Florida Family Rescued From State Forest

Thursday, 27 Nov 2014 15:58 PM

A central Florida father and four kids are thankful they didn't have to spend a cold night in a state forest after getti . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved