i can t pay my mortgage with this money that i m paying for gas. it has a dramatic effect on the u.s. economy. so this could be a big political liability, of course, for the president in november. but one thing republicans are not mentioning is that under george w. bush we took a look at it, four years ago, this month, february of 2008, the fact of the matter is gas prices were averaging about $3.03. 50 cents less than now. but still very high. over $3 a gallon. this is a problem that s been building in republic and democratic administrations. and both parties have done very little about it, shep. shepard: that s energy. and new word today on taxes. as the president is proposing a change in corporate tax rates and really structure too, ed. right. he wants to basically cut the corporate tax rate from 35% down to 28%. mitt romney wants to go even further down to 25%. but the white house believes that by also eliminating what they believe are unnecessary tax breaks for some corporat
a.a.a. reports the national average for a gallon of regular unleaded is up a penny to 3.5. some areas more than 4 bucks a gallon. some areas approaching 5. we have seen in the past week when gas prices spike they tend to become a political issue. president obama is now planning to tackle the topic in a speech tomorrow. get to ed henry main man at the white house. what are we expecting to hear from the president tomorrow, ed? interesting. because just in the the past few moments the president has signed tax unemployment extension into law. the white house informing us of that giving big speech tomorrow on energy in miami. bottom line is that $40 a paycheck people may get from the payroll tax cut extension will be wiped away with one tank of gas. given this spike in prices. so he is going to talk about maybe cutting out some oil and gas tax breaks. talk about increasing production. but none of that has really slowed this sharp rise in gas prices as republicans like sam brownback are po