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He is categorically opposed to offshore oil drilling for the purpose of lowering gas prices.
In Orwellian logic, Obama believes we should allow China, Mexico and others to drill our oil in the gulf of Mexico and the Atlantic Ocean instead of drilling it ourselves. Instead of increasing supply in order to bring aggregate prices down, Obama believes the key to solving the gas crisis is greatly taxing the oil companies and giving the tax revenue from that levy back to the American people. The only problem with this logic is that the American people will be brought back to square one, as the oil companies will simply increase the price of oil by the same extent to which they are additionally taxed. Obama clearly did not take Macroeconomics 101: Given the same demand, prices only go down when supply goes up. In order for supply to go up, you must drill, drill, drill!