By Bill O'Reilly

With many polls showing Mr. Obama getting hurt because of rising gas prices, the Obama machine is now trying to persuade us that he's on the case.

One problem… gas prices have doubled on the President's watch and his administration has invested about $100 billion taxpayer dollars in alternative energy products.

The Department of Energy says one of its loan programs created 61,000 jobs. But even if that's true, that's $570,000 per job. Nice work if you can get it. However, the President is correct in wanting green energy. But he badly miscalculated how to get there. He has run up the debt even further by making speculative government investments which have not paid off as of yet.

"Talking Points" has said it before that's the role of the private marketplace. Yes, the feds should give green companies incentives but not cash. Because when you do that and they go bankrupt like Solyndra, tax money is wasted.

Mr. Obama's energy legacy is not good. He opposes the Keystone Pipeline. His administration has made it difficult for oil companies to explore. And he has only become concerned about gas prices in this re- election year.

In addition, his energy Secretary Stephen Chu seems to have no clue at all.

(BEGIN VIDEO CLIP)

DARRELL ISSA, CONGRESSMAN: In controlling the -- the cost of gasoline at the pump, do you give yourself an A-minus?

STEPHEN CHU, ENERGY SECRETARY: Well, the tools we have at our disposal are limited, but I would say I would give myself a little higher in that since I became Secretary of Energy I have been doing everything I can to -- to get long-term solutions.

(END VIDEO CLIP)

O'REILLY: But Mr. Chu has failed to get any long-term solutions at all. So why does he think he deserves an A? When you fail, you get an F. At least that's the way it was when I was teaching high school. And so anger is rising.

(BEGIN VIDEO CLIP)

MCHENRY: The anger that my constituents have of the cost at the pumps is very real. And if the President doesn't get this if the Secretary of Energy doesn't get this we've got a real problem here. We double the budget of the Department of Energy.

ISSA: The gentleman's time has expired.

MCHENRY: …in 2009. And yet we're paying twice as much at the pumps. This is absolutely ridiculous.

(END VIDEO CLIP)

O'REILLY: And it is ridiculous, the feds should be passing laws that constrain oil speculation and should be promoting as much energy competition as possible. That would drive down prices.

Finally, bad news for the "drill baby drill" crowd. An Associated Press report says that over 36 years increased oil production in the USA has not, not driven gas prices downward. In fact, the more drilling that's done the higher gas prices go.

And that's “The Memo.”

Pinheads & Patriots

Yesterday, the prime minister of Ireland, Aida Kenny, give President Obama at the white house yesterday.

(BEGIN VIDEO CLIP)

AIDA KENNY, IRISH PRIME MINISTER: Mr. President, it is my honor to present to you, on behalf of the Irish people and of the government, this formal certificate of Irish heritage.

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Thank you, first of all. This will have a special place of honor, alongside my birth certificate.

(END VIDEO CLIP)

O'REILLY: For showing a sense of humor, even though it might have been scripted, the president is a patriot. Did I say his name right? Aindale or Enda? You guy from Ireland; you're going to have to tell me off on that.

— 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.