When does anyone think was the last time this guy had to actually fill his own tank with gas? Eric Trump made an appearance on this Monday’s Hannity on Fox, and during one of his usual rants about how terrible things supposedly have been under the Biden administration, and how great things supposedly were when his father was in office, said this about gas prices.
TRUMP: We had $1.89 gas under Donald Trump. It cost me $130 to fill up my SUV two days ago. People can’t afford life anymore.
Never mind the fact that his revisionist history completely ignores all of this:
The final year of Trump’s term in the White House was an almost immeasurable disaster. His mishandling of the COVID-19 pandemic created an economic crash, bringing on a recession and the highest unemployment rate since the Great Depression. In this uncertain environment, oil prices plummeted. To shore up profits for U.S. oil producers, Trump went to Saudi Arabia and demanded they cut production in an effort to keep oil prices up.
Bin Salman, facing a falling global market, was happy to give Trump what he wanted. In the last full year of Trump, oil production fell by 8%. Prices remained low in the following months because demand was low, but the capacity of the system—both to produce oil and refine it into products like gasoline—were severely constrained.
The world was set up for a shortage when the economy recovered from Trump’s abuse. And that’s exactly what happened. The recovery that began after Biden took office saw oil prices rise sharply as renewed demand outpaced supply.
In 2022, Biden went to Saudi Arabia and asked Trump’s friend bin Salman to delay planned production cuts to help lower oil prices. Bin Salman refused. Prices had doubled in a year, and as long as supply could be held below demand, they would only keep going up. The need to sanction Russia after their invasion of Ukraine only made the situation worse. For bin Salman, it must have seemed like a great time to snub U.S. requests.
But Biden didn’t come home and sulk. Instead, he started on a plan to end the threat that OPEC has represented since it nearly destroyed the U.S. economy in the 1970s. By the end of 2023, the results of that plan were becoming clear, as this Wall Street Journal article headlined “Meet America’s Newest Oil-Trader Extraordinaire: Joe Biden” reported.
Biden saved us from the Trump sabotage, and gas prices were only lower under Trump because demand was down during the pandemic.
Eric Trump seems to have a little trouble with math as well, as Xitter users pointed out.
