Your the one making excuses for him by blaming it on Presidents of the past... See I live in the "here and Now", we know something needs to be done now so why isn't he doing anything?
I don't want him to do anything at all. If he and every politician across the nation took a year-long vacation on an island cut off from civilization, we'd all be better off.
This is ridiculous because we've been through all of this before, as Elfie said.
Oil prices are up because of risk and uncertainty. The risk of war against Iran is maybe 1/3 of the price hike.
The uncertainty about cheap, pumpable supplies and the competition to buy it is another 1/3. Reserve figures have been politicized and manipulated so much that there is uncertainty about them. Iraq has the worlds 2nd largest oil reserve, but five years after the US invasion and occupation, less oil is in the marketplace than before the invasion. Can anyone say with any certainty that there will be investment into the Iraqi oil infrastructure within the next five years, or if any of the oil will be in the market a decade from now?
The debasing of the dollar is the last third. Speculation has little to do with it.
I have to say that it is very interesting to watch the gnashing of teeth in the US about gas prices. Most of the rest of the world has been paying the same price the US is paying now, for decades in some cases. It was more in taxes, but the result at the pump was the same. Prices are not going to decline any significant amount in the foreseeable future. The question is - again and again and again - how will the US addresses it. If some form of subsidy or market aberration is used to reduce the apparent pump price, the country will not be preparing for a more fuel-efficient future that will be forced upon you by high prices.
The higher the price, the sooner you will do something. Get out of the way of the market.