Mulvaney on low gas prices: Why is the White House narrowly winning in “increasing poverty” of Americans?
Former Office of Management and Budget Director Mick Mulvaney criticized the White House over a recent video on Twitter celebrating a slight drop in gas prices. On Friday’s “Morning with Maria,” Mulvaney said the drop is due to lower demand because Americans can’t fill their tanks.
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Mick Mulvaney: We’re all glad the prices are going down a bit. But Maria, there are only two ways this can happen. Either the supply of gasoline is rising or the demand for gasoline is declining. This is how prices are set in the free market. I think everyone knows the gasoline supply downstairs This Biden administration not climb. In fact, we’ve lost nearly 1 million gallons per day of refining capacity in this country over the past two years. So supplies are still running low. So what does that mean for demand? This means that the only reason prices are going down is that people are asking for less of it because we are heading into a recession. People have less money spend on gasoline, so they are not. So prices go down. With the Trump administration, you can increase the supply of something at a price that will go down. People will be richer and they will be able to buy more things. Under the Biden administration, demand is declining. People are getting poorer and that’s why prices are going down. So I’m not really sure why the White House is making periods of victory over this now.
Watch the full video below: