Rising Gas Prices Vex

The rapid rise of gas prices in the US of late have caused a stir in consumers and politicians.

Feb. 23 (Bloomberg) — President Barack Obama said rising gasoline prices are a “painful reminder” of why the U.S. must develop alternative energy sources, and he criticized Republicans who he said were offering slogans rather than strategy.

Obama, in Miami promoting his administration’s energy and economic policies as the Republican presidential candidates have ramped up attacks on him over prices at the pump, said the U.S. must go beyond focusing on domestic gas and oil exploration.

Without naming any of his Republican critics, Obama mocked “their three-point plans for $2 gas,” which amounts to more drilling for oil on U.S. territory.

“Anyone who tells you we can drill our way out of this problem doesn’t know what they’re talking about — or isn’t telling you the truth,” Obama said at the University of Miami after touring an industrial machine lab at the school.

The rising cost of gasoline threatens to crimp consumer spending, which accounts for 70 percent of the U.S. economy, at a time the recovery is gaining strength. Economic concerns loom as the top issue in the November election.

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