* Obama, acknowledging pain of high gas prices, sees
* US oil imports down 1 million bpd last year - W.House
* Republicans say president's policies a failure on gasoline
By Alister Bull
WASHINGTON, March 12 President Barack
Obama launched the most comprehensive defense to date of his
energy policies on Monday, pushing back against election-year
attacks from Republicans who say they are to blame for high gas
prices that are eroding his popularity with voters.
Heralding a report on energy security showing a big drop in
U.S. oil imports, Obama acknowledged pain at the pump that
analysts fear could lift gasoline to $5 a gallon in some parts
of the country and pose a threat his Nov. 6 bid for re-election.
"Today's high gas prices are a painful reminder that there's
much more work to do to free ourselves from our dependence on
foreign oil and take control of our energy future," Obama said
in a statement on the energy report. "We have made progress."
The 20-page study, which highlighted rising domestic oil and
gas production and Obama's steps to lift fuel efficiency, showed
U.S. oil imports declined to 8.4 million barrels a day by the
end of 2011, versus 11 million barrels a day in January 2009.
The White House said his policies were tackling a troubling
topic for many Americans. This was underlined by a new
Washington Post-ABC poll, which showed disapproval of Obama's
handling of the economy increased to 59 percent, from 53 percent
when the survey was taken last month.
Nearly two-thirds of those polled said they did not approve
of his handling of the situation with gas prices.
Republicans complain that Obama has hobbled the energy
industry with red tape and point to the administration's block
on TransCanada Corp's Keystone XL oil pipeline project to
support their contention that he is hostage to environmentalists
in his political base.
"With this report, the president is celebrating his recipe
for four or five dollar gas. Poll after poll shows Americans
overwhelmingly disapprove of the president's work on gas
prices," said Brendan Buck, spokesman for House Speaker John
Boehner, the top Republican in Congress.
The price of gasoline at the pump has risen more than 12
cents to a national average of $3.81 a gallon in the past two
weeks, according to the Lundberg Survey released on Sunday.
The highest price, of $4.35 per gallon, was
recorded in Los Angeles.
Analysts see no quick fixes to the challenge in the time
remaining until the November election.
"There's nothing the president can do that's going to
alleviate the gasoline price rise or reduce oil imports by
another one million bpd," said Charles Ebinger, director of the
energy security initiative at The Brookings Institution.
Rising gas prices could sap consumer spending and undermine
economic confidence, which has been lifted by recent encouraging
data that was capped on Friday by a better-than-expected
February jobs report.
The economy, which is slowly recovering from a savage
recession in 2008-2009 but is still hampered by an unemployment
rate of 8.3 percent, is expected to be a decisive factor in
whether Obama can manage to hold on to the White House for a
Obama visited election battleground states North Carolina
and Virginia last week to promote his message. He will speak at
the White House on Monday with local television stations serving
swing states, including Colorado, Nevada and Pennsylvania.
Oil prices have been buoyed by improving confidence in the
outlook for the U.S. and world economy, as well as heightened
concern of fresh military conflict in the Middle East amid
warnings from Israel over Iran's nuclear program.
Eager to reduce U.S. dependence on foreign oil, the White
House report noted that net oil imports as a share of total U.S.
consumption declined from 57 percent in 2008 to 45 percent in
2011, "the lowest level in 16 years."
Obama also has told his administration to look into possible
manipulation in the oil market as well as evidence of price
gouging at the pump, and has not ruled out tapping the nation's
Strategic Petroleum Reserve to ease supply pressures.
"All options are at the table, because the president
obviously feels the pain that the American people are facing
with respect to gas prices," U.S. Secretary of the Interior Ken
Salazar told reporters during a White House briefing.
However, even a substantial release from reserves might not
bring down pump prices.
"In the next six months, even drawing down the SPR as fast
as possible, which I wouldn't advocate, is not going to see much
impact," said Brookings' Ebinger.