It was 50% last month and despite relatively good economic news lately, this doesn't seem to correlate into higher numbers for the president.

CBS:

President Obama's approval rating has hit the lowest level ever in CBS News polling, according to the latest CBS News/New York Times survey. The drop may be partially attributable to rising gas prices.

Just 41 percent of Americans approve of the job Mr. Obama is doing as president, according to the poll, conducted from March 7 to 11. Another 47 percent disapprove of his performance, up from 41 percent last month.

Mr. Obama's approval rating was 50 percent last month.

The average U.S. price of a gallon of gasoline has jumped 12 cents over the past two weeks. The poll found that most Americans, 54 percent, believe gas prices are something a president can do a lot about.

Americans have historically felt that a president can control gas prices, though experts attribute changes to a variety of factors, many outside of a president's control. They also felt this way when gas prices spiked during the administration of former President George W. Bush.

[...]

Mr. Obama's job rating on the economy remains about the same as it was last month - 39 percent approve, while 54 percent disapprove.

The economy and jobs remains the most important problem facing the country today, according to 51 percent of Americans. Three in four Americans think the economy is at least somewhat bad, including 30 percent who say it is very bad.

Actually, the time to have done something about gas prices was three years ago when he first took office. Of course there's little he can do now except open the spigot on the Strategic Petroleum Reserve - which we're going to need if there is a war in the Middle East.

Obama's decline is not all about gas prices either. "Good" economic news is relative. Out where I live in rural Illinois, we're still in a depression with unemployment and underemployment probably near 20%, no new business activity, and feeling of hopelessness that no national politician from either party is addressing.

I sense that people are giving up on Obama but that the GOP has failed so far to offer a viable alternative. In the end, the voters may stick with the devil they know rather than take a chance on someone who hasn't convinced them he can change things.