Gas Prices

Floor Speech

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Mr. SCHUMER. Finally, Mr. President, gas prices. Few things matter more to the average consumer than the price of a gallon of gasoline. When gas prices go through the roof, it eats away at a family's income, leaving less to cover the cost of anything else--groceries, medicine, tuition, a nice summer vacation, which families cherish. Recent data suggests that gas prices are about to climb even higher this summer, and experts suggest that actions and inactions on the part of the Trump administration are a major piece of that story.

According to energy analysts and experts, President Trump's decision to pull out of the Iran deal led to higher oil prices. OPEC has decided to cut production, also raising prices. Even though President Trump tweeted that OPEC's decision ``will not be accepted,'' the American people are still awaiting action from the President that will help America's motorists. He is good pals with the Crown Prince, who is running Saudi Arabia with the heads of the United Arab Emirates. He seems to have a good relationship with Putin. Why doesn't he jawbone them to at least stop constricting production so prices can come down? He isn't. He will talk to them about other things but not about something so vital to the middle class.

As a result, gas prices are headed toward $3 a gallon, and the U.S. Energy Information Administration estimates that the average American family can expect to pay $200 more this driving season than last driving season and $250 more than the 2016 driving season. Prices are up more than 60 cents, on average, from the last day Obama was in office until today. Where is President Trump?

The rising gas prices will, as one Goldman Sachs economist put it, roughly cancel out the 2018 consumption boost from tax cuts. Big touting of the tax cuts, but when gasoline prices take it all away, where is our President? Whatever benefit working families might have seen from the Trump tax scam for the rich, if they got any benefit at all, is being wiped out by gas prices, and what about our Big Oil executives and oil companies? They got huge tax breaks--huge tax breaks. Why isn't the consumer seeing any of that at the pump? At the same time our oil companies get huge tax breaks, they raise prices on everybody. How is that helping the middle class? Why isn't President Trump jawboning them like he does on other issues? Where is he?

It is time for the President to stand up to OPEC, to stand up to Big Oil, and do what is necessary to lower gas prices. Remember, once again, the hypocrisy of this President. This is the same President who tweeted multiple times that President Obama was to blame for rising gas prices. So I would remind the President that the final price of gas under President Obama was an average of $2.36 a gallon, and the current price under President Trump is $2.92 a gallon and going up.

I hope, for the sake of the middle class and those struggling to get there--the folks for whom gas prices really make a difference--that President Trump takes immediate action to bring down the cost of gas. He has the power. He can force OPEC to do things by jawboning them. He can force the Big Oil companies to consider lowering their prices, given all the profits they got from his big tax bill. Where is he?

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