Fuel prices have been rising amid continued turmoil in Libya, an oil-producing country. News that police opened fire to break up a protest Thursday afternoon in Saudi Arabia also has sparked fears that the unrest could spread to that country. Saudi Arabia is the world's largest oil exporter.
Oil prices soared $3 per barrel in just 12 minutes after the news broke in Saudi Arabia.
At the pump, gasoline is averaging $3.52 a gallon -- 41 cents more than last month.
Obama's news conference is scheduled for 11:15 a.m. Eastern time. It will be his second full news conference of the year.