White House exploring ways to lower gas prices

As U.S. gasoline prices hover near a 14-year high, the Biden administration is exploring ways to lower fuel costs, from suspending federal gas taxes to further tapping the nation's Strategic Petroleum Reserve.

"This is sort of a five-alarm fire at the White House — they are extremely intensely concerned," Jeff Stein, political reporter at the Washington Post, told CBS News. 

"High gas prices are one of the most salient political issues. People see it every day; they feel it in their pocketbooks; it affects a president's approval rating quite dramatically," Stein said.