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Blumenthal Calls on Trump to Lower Gas Prices. Is Trump to Blame for High Costs?

May 30, 2018 By Staff
Blumenthal Calls on Trump to Lower Gas Prices. Is Trump to Blame for High Costs?

The senior senator from Connecticut held a press conference pinning responsibility for lowering gas prices on the president. How much of a role does Trump have to play?

Sen. Richard Blumenthal (D-Conn.) held a press conference outside a Shell gas station on Tuesday, calling on President Trump to take action to lower gas prices.

WTNH was there and covered Blumenthal’s presser in a segment posted to YouTube:

The senior senator from Connecticut may be eager to pin the responsibility for rising gas prices on Trump, but how much does the president have to do with it?

About 10 cents a gallon’s worth, according to one expert:

Trump’s announcement earlier this month he would withdraw America from the Iran nuclear deal and re-impose sanctions on that nation’s oil supply is among the geopolitical risks pushing global oil prices higher, which are hovering around $70 a barrel.

His move could be adding around 10 cents a gallon to gasoline prices, according to Bob McNally, president of the Rapidan Energy Group consulting firm and former Republican energy adviser during the George W. Bush administration.

Much more to blame? Global oil prices set by the Organization of Petroleum Exporting Countries (OPEC) and Russia, and, as Reclaim Connecticut noted on Tuesday, state taxes.

Connecticut drivers are paying more per gallon than drivers in 42 other states, and its gas tax and fee burden – sixth-highest in the nation in 2017, according to the Tax Foundation – is part of the reason why.

To the best of Reclaim Connecticut’s knowledge, Blumenthal did not use his press conference on Tuesday to call for relief from state-exclusive taxes and fees on gasoline.