The issue is not so much the supply of oil, it's the ability to refine it into gasoline that's causing the supply problem. I read that the US hasn't built any new refineries since the 70s, yet demand has increase 3-fold! Problem is, no one wants one of these things built in their back yard and the government makes it damn near impossible to build one because of all the needed permits and paperwork.
Blaming the president is pretty damn ignorant. When it comes to global supply and demand, 1 man doesn't have much influence. Look at the price of steel for God sakes! China is buying up most and driving the prices through the roof on even 2nd-hand steel.