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Trump Touts 'Thousand-Year' Gasoline Supply, Says China Lacks It, as Adam Schiff Questions $13 Billion Ve
As the U.S. and Iran pause hostilities after weeks of continuous strikes, oil prices in the global markets fell sharply. However, gas prices could remain elevated at the pump despite the decline in crude oil prices.
Refining Remains ‘Limiting Factor’
On Monday, GasBuddy analyst Patrick De Haan posted on the social media platform X, saying that while oil prices fell in the global markets, “don’t expect much gas price relief.” He then said gasoline futures were down 2 cents/gallon.
“If it fell similar to that of oil, it’d be down over 25c/gal,” De Haan said. The analyst then said refining capacity remained a “major limiting factor holding up more relief” for gas prices.
Gas prices recorded a marginal decline on Tuesday. Data from the American Automobile Association (AAA) showed the national average still hovered above $4 at $4.0990/gallon. California had the highest average price at $5.6470/gallon, while Indiana residents continued to pay the lowest prices at $3.4740/gallon on average.
Trump Touts Thousand-Year Supply
Adam Schiff Questions Venezuela Oil Revenue
Sen. Adam Schiff (D-CA) questioned Trump’s Venezuelan oil comments. User @Acyn on the social media platform X shared a video of Trump saying that the U.S. had reported $13 billion in revenue from Venezuelan oil, without giving any additional details.
On Monday, Schiff quoted the post, saying that “Trump and his cronies” were in control of the revenue from Venezuela’s oil. “If the US has made $13 billion in revenue, why can’t Trump tell us where that money’s going?” Schiff asked.
The White House did not immediately respond to Benzinga‘s request for comment about Venezuelan oil revenue or Gasoline supply.
Gavin Newsom Decries High Costs
Gov. Gavin Newsom (D-CA) also slammed the Trump administration for high fuel prices. “Thanks to Trump’s war without a plan in Iran, Americans are still paying an extra $1 per gallon above what they were prior to the war!” Newsom’s official Press Office handle posted on X on Monday.
It added that the costs accumulated to over $75 billion in excess costs consumers were paying to “Big Oil” due to the war. “END TRUMP’s IRAN WAR GAS TAX!” The Press Office said in its post.
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