Sticker Shock For Gas Prices

3:12 PM, Feb 24, 2012   |    comments
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Gas prices - no big surprise - are not good.

The U.S. is averaging $3.61 a gallon, with some areas already much higher.

Unfortunately, President Obama and the oil industry agree - there's little they can do to change prices quickly.

American drivers are feeling helpless at the pump. "It takes about 120 dollars for me to fill up my truck -- that's not that fun," said one motorist.

Prices spiked almost a dime in some areas overnight. It's hit $5 a gallon in California.

Analysts say, expect higher prices by summer, in part because the economy's improving which drives up demand.

President Obama said Thursday there's no quick fix, "There are no short-term silver bullets when it comes to gas prices, and anybody who says otherwise isn't telling the truth."

"The silver bullet policy should have been implemented three years ago," says Jack Gerard of the American Petroleum Institute

The President is taking heat for not drilling more. "On day one I'm going to say to Department of Energy and drillers for oil gas take advantage of resources right away," said Mitt Romney, Republican Presidential Candidate.

But President Obama says "drill baby drill" is a bumper sticker. The real answer, "End 100 years of subsidies and make sure we're doubling down on clean energy," said the President.

"I think a lot of people will disagree deeply with Barack Obama over the idea that we should wait around until he grows enough algae," says Newt Gingrich, Republican Presidential Candidate

Greener fuel may eventually make a difference, but experts say drivers looking for relief today might want to consider biking to work.

The American Automobile Association is projecting an average $4.35 a gallon this summer.


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