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Removing the moratorium on off-shore drilling and the price went from $147 that week down to $33 a barrel the first week of president obama's term. >> that's right. >> and that's what we use now. >> go ahead, sorry. >> i was just going to say, eric, that's really what we need now. the president says there's no silver bullets, there's nothing we can do. we can absolutely do a lot in this country. we have vast domestic resources. vast resources of oil and natural gas and the president has placed off-limits 87% of our outer continental shelf and will not allow us to even explore for these assets,...

Prices soared nearly 30-cents in just one month according to aaa, the national average price is up to $3.76 a gallon. that's a lot when you go from empty to filling up your tank over the weekend. 85% of consumers think that the president and congress have to take some action to deal with this issue now. nobody is better to talk to about gas prices and oil than eric bolling, cohost of the 5 on the fox news channel. what do you make of that sentiment. >> reporter: it's a hundred percent right. 77% gasoline was extremely important in their decision on who to vote for. assume this is a gallon of g...

Jack gerard from the american petroleum institute talk about this a little bit earlier. i didn't do that for the camera but for us. on the $3.76 national average of gasoline, $2.55 of that is the crude oil price. then you take it down to refining and marketing, $0.40 for a gallon. transportation, you have to move the stuff around, $0.15. federal taxes 18 1/2 cents. call it about 20. after taxes, transportation and all the other things going on, the gas station owner is left with somewhere around 5 to $0.10 a gallon. so american small businesses making $0.05 to $0.10 a gallon, meanwhile we're s...

Latest updates on this topic from reliable sources.

Latest updates on this topic from reliable sources.