Americans overwhelmingly view the steady rise in oil and gas prices as the most serious problem facing the economy, and little more than a third of them think those prices are likely to be brought under control in the next few years.

A new Rasmussen Reports national telephone survey finds that 72% of adults believe rising fuel prices are the biggest short-term problem for the U.S. economy, and nearly as many (68%) rank it as the most serious long-term threat as well.

Only 37% think there’s a likelihood of bringing those prices under control within the next few years, while 58% say that isn’t likely to happen.

The survey was taken Sunday and Monday night just before Federal Reserve Board Chairman Ben Bernanke told Congress that rising fuel and food prices, tight credit conditions and declining home values pose “significant downside risks” to U.S. economic growth. He also warned that the economy will continue to grow at a very sluggish pace for the rest of the year.

Americans are more confident about the housing market and food prices, though. Sixty-eight percent (68%) think housing and mortgage problems will be reined in within the next few years, and nearly half (48%) feel the same way about the cost of food.

Across party lines, gender and all age and income groups, however, most adults agree that gas and oil prices are the big threat to the U.S. economy.

In a separate survey late last month, 48% of voters said cutting gas prices is the best way to get the economy going again.

In another new Rasmussen Reports survey, taken Monday night, 62% agree that drilling should be allowed in oil wells off the coasts of California, Florida and other states to help reduce the price of gas. This finding is consistent with previous surveys since Republican presidential candidate John McCain first proposed lifting the ban on offshore oil drilling in early June.

But now Americans feel willing to make some sacrifices as well, with 54% saying they favor proposals that would require them to conserve energy and reduce the amount of oil they consume. Only 26% disagree.

Still, 47% oppose such a proposal if it also does not allow offshore drilling at the same time.

President Bush on Monday lifted the executive order banning such drilling, but nothing will happen unless Congress also approves legislation to allow it. Democrats in Congress have opposed offshore oil drilling for years, and the party’s presidential candidate, Barack Obama, criticized Bush’s action.

In a White House press conference today (Tuesday), Bush urged Congress to lift the offshore drilling ban to increase domestic oil production. “I readily concede it won't produce a barrel of oil tomorrow, but it will reverse the psychology,” he said.

The president also stopped short of demanding conservation of gas and oil by Americans, arguing that they are smart enough to make their own decisions in that area.

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