By Bill O'Reilly

Driving in from the L.A. airport yesterday I saw gas signs that said $4.50 a gallon... $4.50. All across the country we are now paying the highest gas prices at this time of year ever. But President Obama has said little about it. That's very strange because the President's main focus has been on helping working Americans and redistributing income to those who don't have very much.

Well, what we're really doing now is redistributing money to the oil companies. Right? The President gives working Americans a payroll cut tax. But, instead of the extra income going into the bank, it goes into the gas tank. What's really happening here is that working Americans and the poor are getting hosed at the pump. And because of that, their economic position is weaker.

Rich people it doesn't matter to them. So why is this happening? Well, Lou Dobbs says there is plenty of gas and oil in America. The record warm winter means reserves are way up. But to make bigger profits, the oil companies are sending their refined products overseas.

(BEGIN VIDEO CLIP)

LOU DOBBS, FOX BUSINESS NEWS HOST: Primarily jet fuels, diesel and gasoline which normally would be in abundance right now.

O'REILLY: Yes.

DOBBS: Is being shipped overseas. We are now part of a world market., like it or not. And the fact of the matter is we are competing with demand in China, in Europe, and primarily in Latin America.

(END VIDEO CLIP)

O'REILLY: So let's be very clear. There is plenty of oil in the USA. Prices should not be at record levels. But they are because the oil companies are sending their products overseas to make more money.

And what is the federal government doing about that? Zero, nothing. Nada. Remember, the oil companies are heavily regulated. They can't operate without government approval. In fact, under the Obama Administration oil drilling in the ocean and land leased to oil companies have been drastically cut back.

Apparently the President doesn't want oil companies to have an easier time. That's why he killed the Canadian oil pipeline. But even if that pipeline were built, the oil flow generated from Canada would most likely wind up overseas.

So we, the people, are caught in a crossfire. The Obama administration wants the price of oil to go up as high as possible so that Americans demand alternative energy, electric cars and things like that, And the oil companies know they can make more money in China so they send the stuff over there and at the same time they raise the price at the pump here.

It's outrageous. We're getting hammered. From both the government and the oil companies.

It's my job to tell you the truth. Right now we are all being taken advantage of by an administration that has an anti-fossil fuel agenda and an oil industry that manipulates the U.S. market. Who is looking out for us? Nobody.

And that's "The Memo."

Pinheads & Patriots.

On this Presidents' Day, our pal Clint Eastwood was asked about previous chief executives.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: Mr. Eastwood, who's your favorite president of all time? Do you have a favorite president?

CLINT EASTWOOD, ACTOR: I go for the first one.

UNIDENTIFIED MALE: Who was it? Oh, sorry.

EASTWOOD: George Washington.

UNIDENTIFIED MALE: Really?

EASTWOOD: No, I think Lincoln was great. I think -- you mean in our lifetime?

UNIDENTIFIED MALE: Right.

EASTWOOD: I like Truman, because he got mad at people who bum rapped his daughter.

(END VIDEO CLIP)

O'REILLY: I like old Harry, too. We continue to believe Mr. Eastwood is a patriot. Eighty-two. Amazing.

— You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.