When gas prices hit $2.23 on July 4, they set a 12-year record — and one President Donald Trump’s administration can brag about.
“The last time gas prices were this cheap for the Independence Day holiday was 2005,” the American Automobile Association announced that morning. “Today’s price is three cents less than a week ago, 15 cents less than a month ago and four cents less than this day a year ago.”
Yet New York Sen. Chuck Schumer seemed completely oblivious to this when he appeared Sunday on ABC’S “This Week” to talk about the Democrat Party’s flawed plan for winning back voters.
Apparently, the plan involves changing “the way companies can merge” because allowing large oil companies to merge, as an example, hurts workers and prices, Schumer claimed. He based this theory on his inaccurate belief that gas prices never drop.
“They know that gas prices are sticky — you know, when the domestic price goes, uh, when the, uh, price for oil goes up on the markets, it goes right up but it never goes down,” he said. “How the heck did we let Exxon and Mobil merge?”
“We’ll go after that,” He added. “That will help the average person lower their costs.”
As usual, the flip-flopping dope was wrong on all counts.
For one, because oil prices vary daily, weekly, monthly and annually — a cursory glance at any gas price chart demonstrates this — they are not sticky, according to the Federal Reserve Bank of Minneapolis.
In fact, within the past 10 years gas prices have oscillated from a high of $4.10 to a low of $1.59, so yeah, nice try, Chucky.
Second, it’s not necessarily true that mergers negatively affect workers and consumers.
“The effect of mergers on consumers can be positive or negative, depending on the industry and the market competition,” notes The Houston Chronicle.
Last but not least, complaining about gas company mergers and allegedly high gas prices as gas prices are in fact dropping makes Schumer look like a complete fool.
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
As well as someone suffering from a severe case of Trump Derangement Syndrome.
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