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There was nothing super about this Tuesday on Wall Street.
The Dow lost 204 points it's biggest drop of the year on worries about it Greek debt default.
The S&P 500 was off twenty won the NASDAQ fell forty.
Crude oil fell two dollars today to close a 104 dollars seventy cents a barrel the president gasoline went down slightly overnight.
National average dropped about a half penny it stands at three dollars 76 cents a gallon.
President Obama said today no president running for reelection.
Wants high gasoline prices.
But chief national correspondent Jim Angle reports that has not always been the case for this president or his administration.
Worked though the president started his term with a broad effort to raise prices on fossil fuels today he rejected any suggestion he favors higher fuel prices as you think the present -- United States going reelection once gas prices to go fire.
As that is as and that.
-- anybody here who thinks that's that makes a lot of sense is when the president took office those policies were different he vowed to transform the entire energy sector trying unsuccessfully to impose a Cap and Trade System.
Under which he said electricity rates would necessarily skyrocket.
Stephen -- who would later become energy secretary told the Wall Street Journal in 2008 -- quote somehow we have to figure out how to boost the price of gasoline.
To the levels in Europe which at the time was some eight to ten dollars a gallon the idea was to make fossil fuels so expensive pricey alternatives would be more competitive.
Today though using high prices to discourage oil consumption.
Conflicts -- rejuvenating the economy.
Went and gas prices go up.
Consumer spending oftentimes pulls back.
And were in the midst right now of a recovery that is starting to build up steam and we don't want -- reverses.
The president has tried to inoculate himself against any blame for high prices by noting domestic production has increased to an eight year -- -- imports are down.
The good news is 4010.
First time in a decade that our oil imports were actually below 50% and they kept on going down he's.
Taking credit for what happened on private lands and state lands not Federalist.
My view is he's sort of pulling out what I call -- Stewart he sees a parade going by he's jumped up on afloat and he's singing real -- -- claiming credit for the parade.
In fact industry analysts argue production has increased not because of the president but in spite of -- On federal lands -- the area where the president has control.
Production in the Gulf of Mexico is down 30%.
Police sales in the Rocky Mountains on federal lands are down 70%.
Obama doesn't deny that -- long term goal is -- indeed to wean us off oil we've got to make sure that we've got.
-- set of options that reduce our overall dependence on -- He argues that'll inoculate the country from price swings but analysts say that'll take decades that for now producing more oil is the only solution.
-- Jim thank you also at that.
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