Former President Donald Trump’s spokesperson Liz Harrington issued a flurry of statements on Wednesday from Former President about rising petrol prices. Interestingly the statements refer to an article which actually goes in the favour of President Biden, as it explains exactly why the prices are going up. Seems like Donald Trump did not really write or read the article himself.
It all comes down to supply and demand. And anyone who blames a sitting president for rising gas costs has no idea what they’re talking about. Gasoline prices are influenced by four factors: taxes, distribution and marketing costs, refining costs, and crude oil prices, which are not determined by the president.
The link Trump provided is from CNBC, and the article plainly explains why gas prices are rising.
“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.”
“Higher oil prices translate 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!”
He received a wake-up call from Twitter users.
“Remember when the economy cratered and unemployment soared during your last year in office? Gas was really cheap then!” Ray Suarez tweeted.