Fox News
Expand
Browse All Video
Watch Live

You're watching...

Political impact of higher prices at the pump

Details

  • Description

    White House response to rising gas costs

  • Duration 2:42
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

The price of gasoline is up another penny tonight the national average is now three dollars 58 cents a gallon.

That's six cents higher than this time last week.

Crude oil was up just three cents to close at 106 dollars 28 cents a barrel.

We expect to hear president Obama's ideas on what to do about all of this Thursday.

Chief whitehouse correspondent Ed Henry tells us what he's hearing right now.

Since December alone gas prices have soared an average of 31 cents per gallon nationwide.

And yet today president Obama's aides tried to deflect blame if you're suggesting that there's a responsibility for.

Rising global price of oil.

It's it's certainly.

Not because of anything he hasn't done to expand domestic oil and gas production while production.

-- up White House aides acknowledge the Green light for some of that drilling.

Came from former president George W.

Bush and it has not stopped the dramatic rise in gas prices.

Now a threat to the president's reelection because it may counter good news he's gotten on unemployment and the stock market.

Forty dollars -- for.

In their paycheck plus Republicans note his victory on the payroll tax cut could be -- by consumers spending their extra money at the pump.

I gotta get to work.

I can't pay my mortgage with this money -- I'm -- -- for gas it has a dramatic effect on the US economy.

What Republicans are not mentioning is gasoline was also high on mr.

Bush's watch for years ago this month.

When the average was three dollars and three cents a gallon.

Only about fifty cents lower than now.

The problem for mr.

Obama is he made lofty promises in 2008 I think that in ten years.

We can reduce our dependence so that we no longer have to import oil from the Middle East -- -- -- Still far from -- reality though the president will make the case in a major energy speech on Thursday he's making progress.

In 2008.

57%.

Of the crude oil and petroleum products used by Americans were imported.

It's.

45%.

At the end of last year.

Though the president has gotten there by increasing drilling something he mocked Republican Senator John McCain for pushing for years ago.

It's not a strategy designed to have our energy prices.

Strategy designed to politician through and watch.

Now the president is facing another election and is rolling out that new strategy tomorrow but it will both -- recycle old ideas such as ending tax breaks for oil and gas companies it may score some points but administration officials admit.

Who'll provide very little relief at the pump.

Brett and -- -- in the north lawn.

Load More