Obama goes on offense over gas prices

President Obama tried to deflect criticism over rising gas prices, accusing Republicans of cheering bad economic news and pleading for patience from Americans frustrated by higher costs.

"It’s the easiest thing in the world make phony election-year promises about lower gas prices," Obama told a crowd at the University of Miami on Thursday. "What’s harder is to make a serious, sustained commitment to tackle a problem that may not be solved in one year or one term or even one decade."

The president dismissed his political opponents’ proposals to expand oil drilling as a "bumper sticker," while he tried to make a case for his long-term goals of increasing dependence on renewable sources. Still, he acknowledged, there is no quick fix.

"There is no silver bullet, there never has been," Obama said. 

The White House's shift to offense on the issue demonstrates the potency of a data point that could undermine Obama’s increasingly upbeat economic message. As tensions over Iran rise, a gallon of regular gas has inched up to $3.61, on average, up from $3.19 a year ago. Experts see no quick drop on the horizon and say high prices could be a drag on the already slow economic recovery.

Although spikes in the cost of gasoline are rarely a direct result of U.S. policy, presidents almost always have to answer for them. Experts note there is very little the executive can do to reverse an upward trajectory, which is set by global markets. Still, presidents inevitably feel the political heat as opponents seek to capitalize on the issue.

Obama was once one of those opponents. As a senator and presidential candidate, he blasted President George W. Bush and Sen. John McCain in 2008 for policies that favored "Big Oil," while Democrats called for an investigation into price manipulation.

In a role reversal, Obama’s remarks today carried echoes of his target then: "There’s no magic wand," Bush said.

That won’t keep GOP presidential candidates from attacking. Newt Gingrich on Wednesday announced he will air an infomercial devoted entirely to the issue of gas prices.

Republicans believes the issue has the potential to resonate, particularly after the administration’s decision to deny a permit to the Keystone XL pipeline. Anticipating the critique, Obama argued his administration has approved "dozens of new pipelines, including from Canada."

"So we’re focused on production.  But here's the thing – that’s not enough," he said.

Obama is also feeling pressure from some Democrats to head off the political damage and send a message to Iran by releasing oil from the Strategic Petroleum Reserve, the primary executive action likely to reduce prices quickly, although it is intended as an emergency measure. 

The White House has not dismissed the possibility but has so far declined to discuss the possibility in detail.