WASHINGTON D.C. -- Skyrocketing gas prices are dragging down President Obama's poll numbers, and in a campaign-style speech Thursday he defended his energy policy.
"We are drilling," he told the crowd. "Under my Administration, America is producing more oil today than at any time in the last eight years."
He's accusing his Republican rivals of playing pump politics.
"They start acting like, 'We've got a magic wand, and we will give you cheap gas forever if you just elect us," Mr. Obama noted.
Newt Gingrich is promising $2.50 a gallon gas if he's elected.
He claims lower gas prices would created millions of jobs, and drilling on federal land could reap trillions of dollars for the U.S. government.
"We would literally pay off the national debt," Gingrich claims.
Oil prices are being driven upward by speculation and fear a showdown with Iran will choke off supplies.
Saudi Arabia has already promised to step up production.
The White House is shooting down reports the United States and United Kingdom have already agreed to tap their emergency oil reserves.
"The report of any kind of agreement, or timetable associated with agreement - related to a course of action - is just wrong," said White House Press Secretary Jay Carney.
One analyst predicts that within the next month gas prices will top last year's all time average of $4.11 a gallon.