As far as I can tell, based on current media memes, Bush could have done something about it but Obama cannot.
Okay... :BangHead:
In fact, what a President CAN do -- and what Bush did do once it became patently evident that the true drivers of price were not the oil companies, nor the refineries, nor the gas stations, but instead the FUTURES MARKET -- was to announce that we would enact whatever reforms we need to enact in order to bring the price lower. Bush did that and the price inflation collapsed within months. Obama is not willing to do that because the moment he does, he looses the support (read that MONEY) from the "green" community. Yes, the same "green" community that made sure that he would nix the oil pipeline.
ALL Obama would have to do is stand before the American people and announce that due to the current market issues concerning fuel costs that he changed his mind about the pipeline. Prices would come into order within days as the futures market would again crash. Don't hold your breath for that to happen. He actually LIKES the high prices and predicted before his election that he would manage to drive the prices above $4 before the end of his first term. That is his plan to FORCE other alternatives -- and also to eventually force additional government controls over yet another market in his continual advance into Marxist socialism.