Gas Prices: Political Problem for Obama

President says his administration is not to blame for rising fuel costs.
2:32 | 02/23/12

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Transcript for Gas Prices: Political Problem for Obama
You see it you feel it and most of you are angry about it. Gas prices they've gone up every single day for almost a month 28 in Iraq. And with Americans from coast to coast -- up as they fill up President Obama did what he -- -- to channel that anger. Speaking out to calm fears explain the cause and make the case that he's not the one to blame. That may be a hard sell and those runaway gas prices are certainly the president's political problem. Tonight our reporters tackle the issue on two fronts with a warning from a top government watchdog who tells us that a big chunk of this pain at the pump is Wall Street's fall. But we Begin at the White House and ABC's Jake Tapper. President Obama argued today that the pain at the pump is not his fault fueled with explanations as to why he's -- the blame. And lashing out at those who are faulting -- Last week the lead story. In one newspaper said. Gasoline prices are on the rise and Republicans are licking their checks only a politics -- agreed bad news so enthusiastically. The big fear at the White House is that skyrocketing gas prices could derail the economic recovery and undermine the president's poll numbers. At this Miami gas station just three blocks away from where the president spoke today. Gas cost three dollars and 89 cents a gallon. Five cents more than yesterday and tomorrow the price will go up another five cents and Republicans are trying to light a fire. If you like to fifty gallon gasoline we want you to do -- you'd rather have eight or nine dollar a gallon you wanna do -- so what can the president do to turn this around. In the short term not much. On the table as an option opening up some of the strategic petroleum reserve as the president did last summer. Driving supply up. But the president took issue with proposals from his opponent. Its senses an election year guarded dusting off their three point plan for two dollar -- And I'll -- -- the suspense. Step one is to Bruins stepped there was to drill. And then step three is to keep -- Republicans say the president's energy policies which are more sensitive to the environment have resulted in fewer permits for drilling and the rejection of the Keystone Pipeline. Driving supply down they say and prices up. Of course George it's more complicated than that keep in mind when President Obama did -- the strategic petroleum reserve. Last summer releasing about thirty million barrels of oil price is only went down about ten cents a gallon.

This transcript has been automatically generated and may not be 100% accurate.

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