Tags: Financial Markets | Trump Tax Reform | chuck schumer | gas prices | senate | minority leader | opec

Sen. Schumer: Tax Cuts Wiped Out by Rising Gas Prices

Sen. Schumer: Tax Cuts Wiped Out by Rising Gas Prices
Senate Minority Leader Chuck Schumer, D-N.Y. (AP)

By    |   Wednesday, 23 May 2018 02:37 PM

Senate Minority Leader Chuck Schumer, D-N.Y., said mounting gas prices are canceling out the savings from Republican tax cuts, the Washington Examiner reported.

"Gas prices will roughly cancel out the 2018 consumption boost from the tax cuts," he said. "That's right, whatever meager benefit working families may have seen from (President Donald) Trump's tax scam for the rich has been wiped out by the gas prices that president Trump is responsible for."

And he added on Twitter: "Not just in D.C., all across the country people are paying more at the (pump)."

He blamed the tax law and the president's decision to pull out of the Iran nuclear agreement for pushing gas prices up, according to the Examiner.

Schumer cited experts who claim Trump's decision to abandon the Iran nuclear deal and re-up sanctions will cut the global oil supply and drive up prices.

And he maintained the tax reductions are a "boon" to oil companies looking to "rake in billions in profits," while gas prices climb.

The current national average price for regular gas is $2.947 per gallon, according to AAA.

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Mounting gas prices are canceling out the savings from Republican tax cuts, Senate Minority Leader Chuck Schumer, D-N.Y., says, according to the Washington Examiner.
chuck schumer, gas prices, senate, minority leader, opec
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2018-37-23
Wednesday, 23 May 2018 02:37 PM
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