Home > USA, WORLD NEWS > Chuck Schumer Claims Gas Prices ‘Never Go Down’ as Gas Prices Hit Lowest Point in 12 Years

Chuck Schumer Claims Gas Prices ‘Never Go Down’ as Gas Prices Hit Lowest Point in 12 Years

Katherine Rodriguez

Senate Minority Leader Chuck Schumer claims that the price of gas “never goes down” as gas prices hit record lows under the Trump administration.

Schumer told George Stephanopoulos on ABC’s This Week Sunday morning that gas prices can only go up, citing “huge companies buying up other big companies” as the cause of rising gas prices.

“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,” Schumer said. “How the heck did we let Exxon and Mobil merge?”

Even though Schumer said gas prices could be “sticky,” the Federal Reserve outlines what goods fall under the “sticky prices” economic theory and cites gas prices as an example of “not sticky” prices. Under the theory, sticky prices do not change in response to economic conditions.

advertisement

Meanwhile, the nationwide average gas price was at $2.39 per gallon as of July 17, a decrease from the $2.47 per gallon when President Trump entered office, according to data from the U.S. Energy Information Administration.

According to the American Automobile Association (AAA), gas prices hit their lowest point in 12 years the weekend before July 4.

  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: