US Presidents can do jack about the price of gasoline at the pump. They can fabricate evidence and drag us into unnecessary wars in Iraq or bomb other countries into the stone age, but they can't do jack about oil. Here's a quick primer.
The dollar is the reserve currency of the world. This means international trade happens in dollars. This is a consequence of the Bretton Woods agreements, a result of the US' major contribution to winning World War 2. So what happens when the US government does not have its house in order and spends more than it earns? The price of gold goes up as evidenced over the last few years.
Oil is traded in dollars. When the dollar weakens due to fiscal indiscipline, the price of oil rises. When there is speculation about a strike on Iran or shutting the straits of Hormuz, the price of oil rises as speculators envision an uncertain future.
If your Government spent as much or less than it took in, if your leaders didn't threaten to bomb other countries into submission, if there was certainty in the economy and every day life - then oil would trade at $70 a barrel rather than $120, gold would be cheaper and jobs would be growing.
When you vote in November, vote for peace and sensibility, not bellicosity or rhetoric.