No acceptable C compiler found in $PATH when installing python

I’m trying to install a new Python environment on my shared hosting. I follow the steps written in this post:

mkdir ~/src
wget http://www.python.org/ftp/python/2.7.1/Python-2.7.1.tgz
tar -zxvf Python-2.7.1.tar.gz
cd Python-2.7.1
mkdir ~/.localpython
./configure --prefix=/home/<user>/.localpython
make
make install

After coming to the ./configure --prefix=/home/<user>/.localpython command, I get the following output:

checking for --enable-universalsdk... no
checking for --with-universal-archs... 32-bit
checking MACHDEP... linux3
checking EXTRAPLATDIR... 
checking machine type as reported by uname -m... x86_64
checking for --without-gcc... no
checking for gcc... no
checking for cc... no
checking for cl.exe... no
configure: error: in `/home3/mikos89/Python-2.7.1':
configure: error: no acceptable C compiler found in $PATH
See `config.log' for more details.

How can this problem be solved? I’ve been trying to find a solution for 3 hours, but I’m still stuck in one place.

UPDATE

Hostgator does not allow gcc on their shared accounts:

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