This is a rush transcript from "The Five," August 3, 2012. This copy may not be in its final form and may be updated.

ERIC BOLLING, CO-HOST: n life, timing is everything, and the timing couldn't be worse for President Obama with 95 days or so to the election. We learn today that Americans unemployed increased by 45,000 last month and unemployment rate jumped to staggering 8.3 percent. And that's the good news.

The bad news is something you are probably not going to hear in the liberal mainstream media, but you are here because we are keeping it real. Gasoline is spiking in a big way.

Check out what's going on with gasoline. Note, the battleground states Obama held in 2008 are the hardest hit.

First up, Ohio, check it out. State of Ohio, overnight, 15 cent jump in gasoline prices overnight; 45 cents over the last month. Electoral votes in Ohio, 18.

Next, Michigan, 13 cents jump overnight; 42 cents over the month. 16electoral votes.

Go!

Florida, two cents overnight, 31 cents over the month. One more -- 29 electoral votes in Florida, by the way.

Ten electoral votes in Wisconsin. You can bring it out to us now.

Bob, four states, four battleground states having a hard time with the gasoline prices. How in the world do you get past that?

BOB BECKEL, CO-HOST: Well, how in the world you get past is it to tell the actual figures. First of all, there were 163,000 new jobs last month. Yes, there were more people leaving the workforce and all that. But 160,000 jobs created.

Gasoline generally goes up, as you well know as a former gas trader, in the summer. It's much less than it was a year ago.

BOLLING: Fifteen cents overnight in Ohio.

BECKEL: It's much less than it was a year ago.

BOLLING: Fifteen cents over --

BECKEL: Less than it was a year ago.

BOLLING: It's 95 percent more than it was three years ago or four years ago when Obama was elected.

BECKEL: This says to me vacation time. That's the reason the gas prices are up and traders like you.

GUILFOYLE: OK, you can demonize all you want but the numbers are for real.

BECKEL: I'm demonizing?

KIMBERLY GUILFOYLE, CO-HOST: And Obama, his administration has to take ownership of it. They are the last ones here, and the White House has three more jobs report coming out before the election and one on November 2nd. Good luck.

BECKEL: Yes. OK, let's not demonize anybody here, no.

ANDREA TANTAROS, CO-HOST: How much Maalox do you think David Axelrod reached for when he saw these numbers? Especially underemployment, it's almost double what employment is. So a lot of people working at say Taco Bell with a law degree that have got to be pretty ticked off. I mean, think about that. Millions of Americans who are now -- they have jobs but they're angry because they're not the jobs they want.

GUILFOYLE: Wouldn't you be?

TANTAROS: The question is, who

do they blame come November? And I think --

BECKEL: They are going to blame Obama.

First of all, lawyers working at Taco Bell is probably a good start.

BOLLING: All right.

GUILFOYLE: How are they going to blame Romney?

BOLLING: No, but lawyers working in fast food restaurant isn't good for the economy. Go ahead, Greg.

GREG GUTFELD, CO-HOST: I have a question. I have a question. I have a question and I have a comment. My question is 155 -- stop that -- 155,000 people left the workforce. Where do they go? It's just a giant kidnapping. Where are they hiding? Are they in the MSNBC line-up? No one sees them.

BECKEL: A lot of them go to Social Security. A lot of them go to Social Security.

GUTFELD: The other thing, youth unemployment -- 18 to 19-year-olds are up to 22 percent. That's one out of five. When young people are working, it's scary. That is how Menudo started.

GUILFOYLE: I like that, Greg.

(CROSSTALK)

BOLLING: Bob, you want to play games with the numbers. Here are the real numbers.

BECKEL: No, you play games with the numbers.

BOLLING: The economy has to create 120,000 jobs to keep up with people moving here, birthrates and people graduating from high school.