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Republicans blame Obama for higher gas prices

The rhetoric of the 2012 election season is widening its scope to include blaming President Obama for rising gas prices.

"Republicans say Obama policies have blocked energy development -- particularly the proposed Keystone XL pipeline from Canada to the Gulf Coast," according to USA Today.

However there has been little change in recent months in supply and demand factors, so there is evidence to suggest that speculators are the real culprits for increasing prices at the pump.

Rising tensions in the Middle East have sent speculators in oil futures to drive the price of Brent crude up nearly 30%, to more than $126 a barrel in March. Last year the same oil sold for less than $100 a barrel.

US Presidents do not control the price of oil and Barack Obama is no exception.

Supply, demand, and speculators who make money essentially betting on how much oil will cost in the future, play a significant role in consumer gas prices.