In 2008, surging oil and gasoline prices prompted cries of "Drill Baby Drill" and decisions by the White House and Congress to expand oil drilling off the U.S. coasts. Four years later, prices are rising again, and may hit new records just as presidential election campaigns heat up. What can a...more politician really do about rising prices? Jason Grumet, president of the Bipartisan Policy Council, and Robert McNally, president of The Rapidan Group, respond.

Robert McNally, President of the Rapidan Group and former advisor to President George W. Bush, disucsses the Strait of Hormuz and its importance on oil markets.