Last summer, Donald Trump bragged about gas prices, falsely claiming that the low prices were the lowest “in over ten years.”
Gas prices are the lowest in the U.S. in over ten years! I would like to see them go even lower.
— Donald J. Trump (@realDonaldTrump) July 4, 2017
But while he wanted to take credit last year, this year Trump has been silent as prices have soared because of his policies.
Memorial Day is the biggest driving holiday of the year, experts say. And gas prices are up 31 percent year-over-year this holiday weekend, CNN Money reports. This is the highest prices have been during Memorial Day since 2014.
Part of the blame is the Obama economy, which continues to roar on and cause people to drive and spend money.
But Trump’s policies have also increased costs.
The biggest jump came from Trump’s decision to pull out of the Iran nuclear deal. Iran is the fifth-largest producer of oil in the world, and US oil prices shot up above $70 a barrel right when Trump announced the United States is withdrawing from the Iran nuclear deal.
While many do not notice gas prices, they can squeeze the economy and lead to anger, as Politico reported today.
“The increased cost of fuel is already wiping out a big chunk of the benefit Americans received from the GOP tax cuts,” Politico wrote. “And things could get worse as summer approaches following the administration’s standoff with Iran and a move by oil-producing nations to tighten supplies.”
A huge jump in gas prices costs in recent months is likely to fuel a wave of anger across the nation — just in time for the midterm elections https://t.co/0Pkifaf8Aq
— POLITICO (@politico) May 25, 2018