Former President Donald Trump released a flurry of statements on Wednesday for his spokesperson Liz Harrington to tweet out to circumvent his Twitter ban. And something tells me that the twice-impeached one-term president didn’t read the article he linked to that explains precisely why gas prices are higher this year than they were last year.
Basically, it boils down to supply and demand. And anyone that blames a sitting president for gas prices doesn’t know what they’re talking about. The price of gasoline consists of four factors: taxes, distribution and marketing, the cost of refining, and crude oil prices — which are not determined by the president.
The link Trump linked to is from CNBC, and I guess the former president really got President Biden on this one, even though the article clearly explains the reason for rising gas prices.
“Demand for petroleum products plummeted in 2020 as the pandemic shut economies worldwide, prompting producers to turn off the taps,” the outlet reports. “Though demand has recovered as people hit the road and business activity picks up, supply has remained constrained. Producers have been slow to return barrels to the market, and Hurricane Ida exacerbated the supply and demand imbalance when it knocked production in the Gulf of Mexico offline.”
“In the face of rising oil prices, some thought the coalition of oil-producing nations known as OPEC+ would opt to increase output,” the report continues. “Instead, the group decided Monday to stick to a previously agreed upon schedule to return 400,000 barrels per day to the market in November.”
Stay up-to-date with the latest news!
Subscribe and start recieving our daily emails.
“Higher oil prices translates to higher gas prices for consumers, and Americans are paying more than $1 per gallon more than this time last year,” the report adds.
Still, Trump said, “I told you so!”
“I told you so!” – President Donald J. Trump
ICYMI: “Americans are paying the most for gas in seven years”https://t.co/fyUnQiopIM pic.twitter.com/jqpI9Xxb1n
— Liz Harrington (@realLizUSA) October 6, 2021
Twitter users gave him a wake-up call.
Remember when the economy cratered and unemployment soared during your last year in office? Gas was really cheap then!
— Ray Suarez (@RaySuarezNews) October 6, 2021
Told you so! https://t.co/hPwGiHkAOp
— Mike (@mike19922003) October 6, 2021
More “I told you so” from TFG: “It’s 15, it will be down to zero” and “I didn’t know I paid hush money to Stormy Daniels”
— Steve Roraus (@RorausSteve) October 6, 2021
An economy that’s recovering from massive mismanagement during the pandemic will do that to the price.
— Reginald C (@logosmate) October 6, 2021
Supply and demand. Do some research.
— Katatonik 🇺🇸 (@Katatonik5) October 6, 2021
Excuse me; I need to get some aspirin after that.
Featured image via Gage Skidmore/Flickr, under Creative Commons license 2.0
