Former President Donald Trump is speaking out against rising gas prices, warning Americans that things are only going to get worse. Trump made the comments during an interview with Fox News’ Maria Bartiromo.
Current Gas Prices
According to the American Automobile Association (AAA), the latest average price of a gallon of regular, unleaded gasoline is sitting at $2.879 per gallon. This is up a shocking 14% since February.
This number compares to the average price of $2.237 a year ago. This means that the price of fuel per gallon has increased 28.7% since last March. Over the course of last year, the low point was $2.11, right about the time that Joe Biden won the election.
Trump spent a great part of the interview criticizing the administration of Biden, telling Bartiromo that the new president was bad for the economy. The former president referenced the threat of the incoming tax hikes, saying that the increase in gas prices will have an even more disastrous effect on the pocketbooks of Americans.
Trump said that the tax hike will be the largest in 30 years. It is needed to pay for the recently passed $1.9 trillion COVID-19 relief package.
Biden Administration Not Good for Gas Prices
Former Shell Oil President John Hofmeister spoke with Fox Business earlier this month, pointing out that the oil industry as a whole will not benefit from Biden’s administration.
By prohibiting new leases on federal lands, it sends the message that there will be less gas available, driving up prices in the process. Hofmeister went so far as to call the Biden administration “hostile” to the oil industry.