During a White House press conference last month, George W. Bush was startled when a reporter asked what advice he had for Americans facing the prospect of $4 a gallon gasoline.

"Wait, what did you just say? You're predicting $4 €2.55, £2.02) a gallon gasoline?" the president replied, prompting the reporter to assure him prices were indeed closing in on that figure. "Oh, yeah? That's interesting. I hadn't heard that."