Obama strategist: GOP thinks gas prices 'will go down magically'

President Obama’s top campaign strategist, David Axelrod, accused Republicans of selling “snake oil” as they press for increased domestic oil drilling to drive down the cost of gasoline.

Axelrod told CBS News’s Bob Schieffer that, “the notion that we can simply drill our way out of this or that somehow that, if we -- if we say that, that the gas prices will go down magically now -- Newt Gingrich's $2.50 a gallon and so on, that's not oil talk, that's snake oil talk.”

Republicans have seized on polls showing Americans dissatisfied with President Obama’s handling of gas prices, which are now averaging nearly $3.84-per-gallon of regular nationwide.

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