Rising gas prices and the 2012 election

On another front in campaign 2012 : Rising gasoline prices are getting the attention of both the White House and its Republican challengers. Gasoline is now the costliest it's ever been this time of year -- an average $3.56 per gallon, up 40 cents in a year. CBS News correspondent Whit Johnson explains what that means during a presidential election year.

Amid rising gas prices, Republican presidential hopefuls have a new line of attack.

"This president is anti-American energy," said Newt Gingrich on Fox News Sunday. He was quick to point out the price for a gallon of gas is now $1.64 higher than when President Obama took office.

"So what I can guarantee you is the Obama program is higher prices, more dependency in the Middle East, more vulnerability to Saudi Arabia and Iraq and Iran -- exactly the wrong direction," said Gingrich.

At a Tea Party event Saturday, Rick Santorum hammered the president for blocking the Keystone pipeline slated to bring crude from Canadian oil sands to the U.S. Gulf Coast: "All sorts of opportunities for us to be more energy independent. And what does he say? 'No Canada, you build that pipeline to the West Coast and send that oil to China.'"

Republicans hope to exploit a potential weakness to President Obama's re-election, at time when his approval has seen a bump -- now at 50 percent, up seven points in three months.

"Our economy is getting stronger," said Obama in Washington state Friday. "America is coming back."

America's economy grew in the fourth quarter by 2.8 percent; the latest jobs numbers better than expected; and last week's extension of the payroll tax cut are fueling the stock market.

But continued threats from Iran to disrupt international oil trade are helping to push gas prices even higher and may undercut economic growth. It's something the White House admits is a top concern.

"The president is keenly aware of the impact that higher gas prices have on families trying to make ends meet," said White House spokesman Jay Carney.

Some industry analysts say rising gas prices actually means the economy is getting better: Demand goes up when people have more money to spend. But that argument could be a tough sell to voters and Republicans know it.

[sueblanton]

I know the former president of ARCO and his wife was a press secretary for a Republican Governor in our state. Most of the employees of the oil companies tend to be Republican due to the fact that Republican's are more inclined to vote for drilling for oil. Obama's approval rating is down 9 points since the gas prices went up. In my view, this lower approval rating is totally orchestrated by the Republican leaning oil companies. It is unfortunate that the majority of people are so fickle with regard to approval of the job a president is doing because in my view, when oil companies do this we are no longer electing the president, the oil companies are. As soon as gasoline goes up, Obama's ratings go down. People are not looking at the larger picture which is the oil companies working to skew the election. Unfortunately, the unsuspecting public gives the oil companies this kind of power because they are angry about the high gas prices. I would bet the gas prices will come down immediately following the presidential election particularly if a Republican is elected and of course the Republicans will take total credit for it even though the gas prices are determined by the oil industry.

[travelperson]

I think people have already forgotten when gas was .35cents a gallon then the Regan administration decided to do Reganomics.
Now look at us. What a mess They have be aiming for this since
the Regan administration.

[sueblanton]

It was 25 cents a gallon when Nixon was president. BTW. you misspelled Reagan. What is your point, Reagan didn't have anything to do with the Gas prices any more then Obama does? Gum was once a penny a pack and a cup of coffee was 5 cents. I used to work at a minimum wage job which was $1.25 an hour. I could fill my VW bug for $2.25. Things change, minimum wage goes up and so does the cost of living. We should have been looking at alternative energy sources back then as we have known for years that oil is a finite resource that we can't rely on forever, but instead people drove cars with big V8 engines that were gas guzzlers now everyone pays the price of over consumption. Europe has paid high gas prices for years, maybe now people will start looking at alternative sources of transportation such as public transportation, carpools or moving closer to their jobs instead of clogging the freeways with cars that contain only a driver.

[hayseedbears]

I firmly believe the rise in gas prices is due in large for two reasons: Greed on behalf of the manufacturers (think about it, when they report RECORD PROFITS, that means they are adding more profit margin for THEM over their costs) and the upcoming elections. Oil companies have no love for Obama, and my bet is they are using rising prices to try to help the Republican presidential candidate get elected!
The classic model of supply and demand economics has ceased to define pricing in our economy a long time ago, replaced by the charge as much as you can philosophy. Prices make no sense, cannot be explained by raw material and manufacture costs.

[sdstate]

Oil prices are set globally. The problems with Iran are causing oil prices to go up. The GOP is hoping Americans are too stupid to know better. Drilling is moving along briskly right now (more than in years) but domestic drilling in the U.S. has almost no effect on oil prices and NEVER will, no matter how much more we do. And we will always be dependent on imports.

[MDCTNL]

Santa Barbara is not the most expensive gas in the country. Aspen is with a price of $4.849!
Ridiculous...a couple of BILLIONAIRES come to their houses here once a year, and we get to shell out these gouging prices because of it!

[remant]

Carney and Pelley are obviously complete economic idiots.

[RandallRichard]

There is an easy way to bring the price of oiil down. Just lift all the sanctions on Iran so they start selling and middle east tensions are lowered. Do the Republicans want to do that? I don't think so. Mitt has promised to prevent Iran from getting the bomb. The only way to surely keep that promise is through war and invasion. If you think gas prices are high now wait until that happens. How many Americans really want another war in the Middle East? If you do vote for Romney or Newt or Santorum. If not vote for Ron Paul. He's a little crazy (gold standard etc.) but not crazy enough to want war with Iran.

[hotpoet]

It is of course entertaining to see repubicans whine about the price of gas. President Bush gave tax credits for people to buy SUV's and enormous trucks with low fuel efficiency. Guess it hurts to own those vehicles now. The republicans are very fond of talking about personal responsibility with regards to other people-- but not so good at being personally responible themselves. The president does not control gas prices, but there is plenty we the people can do to reduce our costs as consumers. Live closer to work, walk, bike, ride a bus or train. Sorry that's the future. Gas is not going to get cheaper. Dump the gas guzzler and get something fuel efficient. We are drilling in the US at record rates, but its expensive to get to the oil that's available, and world demand is not going to shrink.

[sueblanton]

I totally agree with you. Oil is a finite resource and the sooner we realize that and start developing alternatives to the over dependence on oil we have had for the past seventy years, the better off we all will be.

[Jswiss1]

When will CBS News report what is (actually) going on with the gas situation, instead of writing this... speculated fiction? This article is nothing but a few notches above a SUN or National Enquirer story. When will you guys actually do your job and start exposing these companies and informing your people? Are you being paid off/funded by the Oil Companies as well? However, I am relieved to see some of your comments and alot of you guys do understand what is really happening. But you guys that are so divided over a particular party, that hate eachother over DEM on GOP views..... those people at the head of the parties do not give a shii about you. I hope you see that. These people rely on us being divided..... There is no better fuel for this particular fire than hate and discnern for you brothers and neighbors.

[hotpoet]

well said

[TinaMcIntosh]

America is getting stronger???? Job rates are increasing????? Maybe Obama is only looking at the number of people no longer on Unemployment....That doesn't mean they are employed Mr. President, that just means they have exhausted all their funds....I would love to see a president prove he can live off of minimum wage before he can take his place in the White House, then he could truely see what the lower and middle class American faces every day....and now fuel prices just keep going up and he won't do anything about it....Maybe one day we will have a TRUE president, one that truely cares about Americans and not just politics.....

[ProgressNow]

Oh...so that's why the GOP will NOT support extending unemployment insurance. Got it Tina! OBAMA 2012 dear! Whooo...whoooo!

[sueblanton]

What would you propose that Obama do about the high oil prices put a cap on them? Isn't this a free market economy? If he did that, the Republicans would further accuse him of socialism!! It is not just the gas companies that are allowed to gouge consumers, look at the drug companies profits. They gouge us because they can period. If the president intervened, he would take more criticism from the Republican party. I know he would like to see our economy improve and the gas prices come down like everyone else, but he is basically in a no win situation. Either way he goes regulate gas prices or not regulate gas prices, he will receive criticism for it.