Obama: No easy answers to lowering pump prices
POSTED: Saturday, February 25, 2012 - 9:14am
UPDATED: Sunday, February 26, 2012 - 1:36pm
WASHINGTON — President Barack Obama says there is no easy answer to the problem of rising energy prices and he's dismissing Republican solutions as little more than gimmicks.
"We know there's no silver bullet that will bring down gas prices or reduce our dependence on foreign oil overnight," Obama said Saturday in his weekly radio and Internet address. "But what we can do is get our priorities straight and make a sustained, serious effort to tackle this problem."
Oil prices are approaching last year's highs as tensions increase over Iran's nuclear program. The rise pushed gasoline prices Friday to a national average of $3.65 a gallon, the highest ever for this time of year. A spike in gas prices is normal in spring, but it came earlier than usual this year in large part because of world fears that the growing confrontation with Iran will crimp oil supplies. Iran is the world's third-largest crude supplier.
Rising oil prices weigh on the economy, pushing leisure and business travel costs higher. Every 1-cent increase in the price of gasoline costs the economy $1.4 billon, analysts say.
Obama said Republicans have one answer to the oil pinch: drill.
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