Mon, May 28, 2012, 2:20 PM EDT - U.S. Markets closed for Memorial Day

Obama to address gas prices, pitch energy policy

Obama to address rising gasoline prices in Florida, pitch his multiple-source energy policy

MIAMI (AP) -- President Barack Obama is confronting Americans' anxiety over rising gasoline prices by drawing attention to his energy policies and taking credit for rising oil and gas production, a greater mix of energy sources and decreased consumption.

Obama arrived in Florida Thursday to promote an energy strategy that the administration says will reduce dependence on foreign oil in the long term. But Obama's pitch will also have a subtext: the federal government can do little to halt the current rise in gasoline prices.

Obama will speak at the University of Miami and tour the school's Industrial Assessment Center, which trains students as industrial energy-efficiency experts. The program is one of 24 across the country.

White House advisers believe Obama needs to address the recent spike in gasoline prices, even though they see it as a cyclical occurrence. The current $3.58 per gallon is the highest price at the pump ever for this time of year.

Obama aides worry that the rise in prices could reverse the country's economic gains and the president's improved political standing. A new Associated Press-GfK poll shows that though Obama's approval rating on the economy has climbed, 58 percent disapprove of what he's doing on gas prices.

Republicans have seized on the issue, citing Obama's decision to reject a permit for a cross-country oil pipeline as evidence of a misguided policy. Former Pennsylvania Sen. Rick Santorum has warned of $5-a-gallon gas, while former House Speaker Newt Gingrich has said he could lower prices to $2.50 a gallon.

White House officials point to increased oil production and decreased consumption as evidence that Obama's policies are working and will lead to greater energy independence in the long run. But they assert there is little Obama — or any president — can do to change the trajectory of prices now.

Despite more domestic oil and less consumption, "these prices are going up, and that tells you that there are other things beyond our control, like unrest in the Middle East or other factors like the growth of emerging countries such as China and India," White House spokesman Jay Carney said Wednesday.

To be sure, oil and gas production has increased during the Obama administration, though the trend began during the presidency of George W. Bush, according to the U.S. Energy Information Administration. The increase has reversed a decline that began in 1986, and the agency projects that by 2020 oil production will reach a level not seen since 1994.

The agency also has reported a drop in petroleum consumption, caused by the economic downturn after the 2008 recession, new efficiencies and changes in consumer behavior.

While in Florida, Obama also plans to raise money, including a $30,000-a-person event at the Windermere, Fla., home of Dallas Mavericks guard Vince Carter. An avid basketball fan, Obama will attend a dinner Thursday at Carter's house just three days before the NBA All-Star Game in nearby Orlando.

Obama also will attend fundraising events at the Biltmore Hotel and at the Coral Gables home of lawyer Chris Korge, a top fundraiser for Hillary Rodham Clinton's 2008 presidential campaign.

Last week, Obama took a three-day West Coast trip and raised about $8 million in eight campaign events.

 
  • Fisherman  •  3 months ago
    Hold on everybody, were in for a bumpy ride.
    • wjmdurham 3 months ago
      Obama took America off the well paved Interstate onto the less well paved secondary roads. And for term two he intends to take us off the paved raods and onto the back country roads which are full of potholes and soft spots.
    • Tom 3 months ago
      Interesting metaphor.
  • Holdyourhorses  •  Chattanooga, Tennessee  •  3 months ago
    Three years of talk, lies, and class warfare-now he's going to make more excuses-King Oblamer needs to just have all energy run on hot air because it is free and plentiful. Politicians produce it at a amazing rate from all sides especially during election years which seems to be every year!
    • MICHAEL 3 months ago
      the only people higher gas prices make happy are the rich republicans that have their finger on the oil industry. i don't think anyone can force the middle east to lower their prices if they are not inclined to do so.
    • MICHAEL 3 months ago
      if the truth was known, the republicans are probably partially responsible for the rise in gas prices, seeing it as a possible way of defeating obama, since their potential candidates are all blundering idiots.
  • A Yahoo! User  •  New York, New York  •  3 months ago
    I don't want to hear the spin, I want to SEE lower gasoline prices. Got it?
    • Littleguy 3 months ago
      What do you expect the President to do? Price controls? There's nothing he can or should do to control cyclical pricing.
    • bytra 3 months ago
      Littleguy, he could approve more permits in the gulf for oil exploration or allow exploratuion in the oceans which he stopped and then there is the sites on the continental USA he is having the EPA prevent explorers from persueing, all of which could help increase supply forcing prices to come down. But no, this is the one campaign promise he is keeping, to have energy prices nesscessarily skyrocket under his administration.
    • Dolphin Marine Rentals 3 months ago
      Sigh. Newt wants gas at 2.50. I guess he wants a depression too, cause thats how we get to 2.50. It is beyond myopic to think gas can go lower as over a billion people buy their first car. the world has 7 billion people in it. its not all about 350 million Americans. If you want to know why gas is shooting up, recently, or why it went down, the back half of last yr, or shot up before that. or went to 4, then 2, in 2008. and then rebounded. take a look at the chart of gas since 2008 and overlay against what the Federal Reserve has been doing to reinflate the economy. Everytime they do more QE, the price of gas rips up. When the QE goes away like last June, the price of everything drops. Don't vote, if you don't get the game!
  • Michael  •  Port Charlotte, Florida  •  3 months ago
    Obama says he is fighting for the middle class ,how many middle class do you think will be at his $30,000 a plate dinnner .They have the gall to condemm Romney ,at least he worked for his money
  • Albert Sharpton  •  3 months ago
    I'll take "Don't Blame Me, I Merely Cancel Oil Pipelines" for $200, Alex.
    • LoLer 3 months ago
      and new oil exploration, and off shore drilling, and NO new refineries, and expenive solar and windmills, and.....
    • Wayword 3 months ago
      I don't suppose you read much. The oil pipeline is a questionable adventure - Canada is having problems finding financing to route it to the coast if America doesn't accept it. The environmental impact is immense. It was routed through sensitive land and it would not have an impact for years.
      With India putting 4000 new cars on the road a day and China following suit - world demand will rise and so will prices regardless of our economy. Our government does not own the oil companies and Exon will build refineries and sell to the highest bidder! Even at $4.00 a gallon we pay much less than Europe, or Asia.
    • Jomad 3 months ago
      not mention that most if not all the refined product will be sold out of the US.
  • dasbof  •  Fort Worth, Texas  •  3 months ago
    Obama quote "Under my energy plan costs will necessarily sky rocket". He said it, and now he is getting it.
    • Rusty Shackleford 3 months ago
      he actually said that. steven chu said he wants $5 gas. domestic terrorists?
    • joe s 3 months ago
      The socialists like Obama want more control over energy. They get that control by establishing and supporting "green" energy which can not survive without government hand-outs.
  • marty  •  Syracuse, New York  •  3 months ago
    Abolish the Dept. of Energy. It was created to put us on a path of energy independence. It's been about 40 years since Carter created it, and we are more energy dependant now than ever.
  • snafu  •  Charleston, South Carolina  •  3 months ago
    " Drawing attention to his energy policies " You mean like Solyndra?
  • Andy  •  3 months ago
    Dependance on foreign oil has nothing to do with it. Stop exporting our oil and stop the trading of oil. These two items will take gas back to 2 bucks a gallon.
  • Michael  •  Appleton, Wisconsin  •  3 months ago
    I remember the Democrats were saying that Bush was in bed with the Saudis when gasoline was about $1.83 a gallon! So what can those same Democrats say about this Presidents energy policy?
  • snafu  •  Charleston, South Carolina  •  3 months ago
    obama's breaking out the shovel again, time to feed the mushrooms some more S#!T.
  • RobertM  •  Atlanta, Georgia  •  3 months ago
    It's the don't blame me kid. I didn't do it. It's not my fault. A perfect candidate for the spineless American people. They deserve $5 gas, just for being fools.
  • dasbof  •  Fort Worth, Texas  •  3 months ago
    I make good money but I am stunned by how much money I am putting in my gas tank.
  • bob  •  Cleveland, Ohio  •  3 months ago
    he is responsible for decreased consumption, as fewer americans can afford it cause they do not have a job.
  • Peter S  •  Watervliet, New York  •  3 months ago
    So Obama will address rising prices, saying his strategy is working and he cannot do anything about rising prices. That is how he addresses it. Now I am supposed to fell better now. Am I correct AP?
  • Mike  •  3 months ago
    I am greatly encouraged at the responses that show a clear 10 to 1 against the current President. Now take your vote to end this madness in November. He will begin to spin, blame, and flat out lie to stay in office. No vote for Obama.
  • Steven  •  Prairie Du Chien, Wisconsin  •  3 months ago
    Obama also will attend fundraising events at the Biltmore Hotel and at the Coral Gables home of lawyer Chris Korge, a top fundraiser for Hillary Rodham Clinton's 2008 presidential campaign.

    Last week, Obama took a three-day West Coast trip and raised about $8 million in eight campaign events.
    .
    Obozo needs to go to work instead of campaigning on taxpayer money.
  • jaymode  •  3 months ago
    LMAO, if only the price would stay at 5.00, it has hit 6.00 in Florida. Obama has bashed energy since day one, and this is the result, since he has been in office the price has gone up 94%. That Obama, for draining my wallet and heating oil tank.
  • Rick  •  Hartford, Connecticut  •  3 months ago
    It will be a very short speech. "It's not my fault, nothing ever is - blame Bush"
  • Procat  •  3 months ago
    More gas from the biggest A@s
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Trading Center

Yahoo! Finance on Facebook

  YAHOO! FINANCE ON TWITTER