AP Photo

The U.S. presidential election is escalating now that summer driving season is near. At issue is what is causing near-$4 a gallon gasoline and whether anything can be done about it.

Two immediate positions are forming: The first is that speculators are flooding the market with billions of dollars, which drives up gasoline prices. The second is that this phenomenon is a function of supply and demand -- that Americans are driving more at a time when Middle Eastern turmoil is restricting supplies. To this end, many are arguing that the way around such a conundrum is to allow domestic drillers more access to areas now off limits to production.