This is a rush transcript from "Hannity," March 22, 2012. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: When talking about how to fix skyrocketing prices of gas, the administration is running on fumes. When President Obama took office in 2009, the national average for the price of gas was $1.84 cents but today it is doubled to $3.89 cents. And the RNC wants to make sure that Americans know how all of this could have been prevented. Watch this.

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GRAPHIC: Obama's Energy Secretary says he deserves higher than an A-.

SEN. MIKE LEE, R-UTAH: You're recorded as saying, quote, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe." Price of gasoline in Europe now, were about $8 a gallon.

GRAPHIC: No wonder rising gas prices earn a top grade...

UNIDENTIFIED MAN: I would say, I will give myself a little higher.

GRAPHIC: Obama rejected the Keystone pipeline. 20,000 American jobs.

UNIDENTIFIED WOMAN: The Obama administration rejected the Keystone pipeline.

GRAPHIC: Obama blocked American energy exploration around the county.

UNIDENTIFIED WOMAN: Obama closed all those areas.

GRAPHIC: Obama told Brazil to drill while opposing new American energy.

PRESIDENT BARACK OBAMA: And when you are ready to start selling, we want to be one of your best customers.

GRAPHIC: Under Obama, oil production has dropped on federal lands.

UNIDENTIFIED MAN: There is a lot of talk about opening up new areas. It is merely talk.

GRAPHIC: Obama went bankrupt with 'green energy' taxpayer money.

UNIDENTIFIED MAN: Taxpayer money was given to the now bankrupt company.

GRAPHIC: Imposed new burdens on American energy producers.

UNIDENTIFIED WOMAN: These prices are off the chart, 4.99 for a gallon.

GRAPHIC: Pushed a cap-and-trade law which would increase energy prices.

UNIDENTIFIED MAN: Do you plan on doing about increasing gas prices?

GRAPHIC: And suggests algae can save us all.

OBAMA: Want me to increase them. You got a bunch of algae out here, right?

GRAPHIC: Obama on empty.

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HANNITY: And my next guest is here to put things in perspective. Now he has a brand new gas price calculator online. It's a www.toomuchatthepump.com. Now, here's how it works. Now, if you drive for example a Ford Taurus, if you driving that when Obama took office, you were paying just $35 to fill up your tank. But now, well, it's costing you well over $70. Pretty shocking.

Joining me now, the man running for his old Senate seat in the commonwealth of Virginia, former Georgia, I'm sorry, former Virginia governor and Senator George Allen. How are you? Good to see you, Senator.

GEORGE ALLEN, R-U.S. SENATE CANDIDATE: Good to be with you.

HANNITY: I'm saying senator again because it is going to happen. You know, we're looking to that. That's double the price. You notice this is the one issue that the president doesn't blame George Bush for.

ALLEN: Well, President Bush was one who was in favor of allowing us for example in Virginia to explore for oil and natural gas off our coast. If I'm hired on by the people of Virginia to represent them and their voices in Washington on day one, I'm introducing a bill to allow Virginia to produce oil and gas off our coast and use the royalties for roads and transportation.

They are out of touch. The whole purpose of this toomuchatthepump .com is to realize that people are paying 25, 30, $35 more every time they fill up. And you think, why would people do that extra $30? They might go to a restaurant, save it for their children's college education. Buy gifts. Save it. Pay down debt.

HANNITY: We could be paying $2 of gallon, we have enough gas, Jim Imhoff (ph) said, minimum what, 70 years minimum without even touching oil shale and on top of that, we've got natural gas that, you know, we could, you know, have for 100 plus years.

ALLEN: And coal.

HANNITY: And coal.

ALLEN: The point is we are number one in the world when it comes to energy resources. If we unleash our resources, we would have more affordable fuel. More affordable food. More affordable electricity. We wouldn't be so vulnerable to outside hostile forces. We could have a rebirth in our industry in our country, making our country much more competitive for investment and jobs. The federal government would get over a trillion dollars in revenues without raising taxes and we'd be keeping our money here in the United States of America.

HANNITY: Well said and it's good for also our national security.

ALLEN: Absolutely.

HANNITY: Here is the president from earlier today though, now he claims we are drilling. If anyone tells you drill, baby, drill. You know, we have been doing that. Well, we have a new study that proves otherwise. But this was him from earlier today.

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