Obama to address rising oil, gas prices

The White House says President Barack Obama will address rising oil and gasoline prices at a news conference on Friday.

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.

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Oil prices soared $3 per barrel in just 12 minutes after the news broke in Saudi Arabia.

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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.