The President does not control gas prices. We’ve experienced a spike in prices due, in part, to Hurricane Isaac’s negative impact on production from the Gulf of Mexico last week.
According to Chevron–
“The marketplace forces of supply and demand determine the price of fuel. If demand grows or if a disruption in supply occurs, there will be upward pressure on prices. By the same token, if demand falls or there is an oversupply of product in the market, there will be downward pressure on prices.
Those principles apply at the service station level as well. If a retailer prices its gasoline too high, and without regard to competition, the retailer’s customers may take their business to another station with lower prices. If a retailer loses enough volume, the retailer may then reduce prices in order to retain its customers.
Competition among retail outlets thus affects pricing. You may notice that sometimes there are price differences between two gasoline stations on a busy street corner and between those outlets and the only station on a long stretch of highway. More choices generally mean more competition for business.
And although retail outlets may sell gasoline carrying the brand of a major oil company, most dealerships are owned and operated by independent business people who are free to set the prices for their products and services.”
Elevated gas prices are the result of good, old-fashioned, capitalism.