I don't think you can place the blame squarely on Obama, but the democrats in general have a big part in it. Their refusal to deal with reality is affecting prices. His policies would surely continue to rise the prices, which is want the democrats want anyway.

The blame lies mostly with the Bush administration's (and Congress for the past 8 years, Republican and Democrat controlled) failure to regulate the housing market.

Housing market collapses -> Bear Stearns, Fannie Mae in danger of collapse -> Ben Bernake prints more money to bail them out -> Dollar inflated -> Higher oil prices.

Had sub-prime mortgages been made illegal we would not be in this mess.

Never mind that the US Government Energy Administration has said several times that drilling offshore and/or in ANWR would have no effect on gas prices at all, and possibly a negative effect. Republicans and Democrats are both refusing to drill more domestically, it's kind of silly to bring that up as an issue at all since it would do absolutely nothing.