Former House Speaker and GOP presidential hopeful Newt Gingrich hit the president again on Sunday over rising gas prices, saying that increasing pump prices would “crater” the economy by August.

“The price of gasoline is becoming a genuine crisis for many American families. If it continues to go higher, it will crater the economy by August because people will have no discretionary income,” said Gingrich on CNN’s State of the Union.

Republicans along with Gingrich have hammered Obama over rising gas costs, demanding action on energy production — calling for increased domestic drilling and for the administration to approve the Keystone XL pipeline project.

The White House though has said there are no quick fixes to rising costs and that the president is doing all he can to reduce the nation’s reliance on foreign oil by expanding domestic production and investing in renewable energy sources.

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