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.
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.