Unsurprisingly, Obama's approval numbers went through the roof over the last 48 hours. Fact of the matter is, it will not last. I paid $4/gallon gas for the first time today since 2008; that was an election year and one in which the incumbent's party had absolutely no chance. Prices traditionally spike after Memorial Day due to a switch to a more expensive mixture of gas that is somehow more environmentally friendly for warm weather; we haven't hit that spike yet.
Osama is dead; the thrill of that will be gone by August 2011, certainly by June 2012, and that leaves many months of high gas prices, high grocery prices, and few jobs between then and election day '12. Both George Bushs had approval ratings above 80 at one point; the first lost his bid for reelection and the second won it by a few points. Obama's approval is in the mid to high 50's. It won't last.