Weekly Addresses – Gas Prices

President Barack Obama says there's no "silver bullet" to pierce the heart of rising gasoline prices.In his weekly radio and Internet address, he dismisses Republican plans to address the problem as little more than gimmicks. He says the main GOP answer is drilling and adds that's already happening.

Obama says U.S. dependence on foreign oil can't be reduced overnight and that an "all of the above" approach is needed to maximize limited resources and develop new ones.

For the GOP, Texas Sen. Kay Bailey Hutchison puts the blame for the price spike squarely on the Obama administration. She says he's blocked potential new sources of oil and gas.

Economists say there's not much a president of either party can do about gasoline prices in the short term. An Associated Press-GfK poll says 7 in 10 Americans find the issue deeply important.

(Copyright 2012 by The Associated Press. All Rights Reserved.)