…if by doing something, you mean making some vague accusations that “speculators”, rather than market forces, are behind current oil (and gasoline) prices. Obama isn’t the first president to get (unfairly) beaten up because gasoline prices increased. And he isn’t the first to endorse less than coherent explanations for why that might have happened. Pointing the finger at some kind of bogeyman is always easier than trying to deliver information that is politically uncomfortable.
My favorite part of the story is the President asking members of congress to “be on the lookout for price manipulation by speculators”. It evokes orders to Remain Vilgilante! from past periods of national crisis (e.g. WWII, the Red Scare, post-9/11) with the absurdist overlay of members of congress actually having a nuanced understanding of the world around them.