Sen. Elizabeth Warren (D-Mass) slammed President Donald Trump on Monday for the surging cost of gas at the pump as tensions escalate in the Middle East.
$8.4 Billion In Additional Costs
“Since Trump started his illegal war with Iran, Americans have paid $8.4 billion more at the gas pump,” Warren said, criticizing the Trump administration. Ordinary Americans have also had to shell out an additional $1,700 for “Trump’s chaotic, illegal tariffs,” Warren said. “American families are footing the bill for Trump’s reckless policies,” she said.
Sean Duffy Touts Sable Offshore Pipeline
Transportation Secretary Sean Duffy shared the progress of Sable Offshore Corp‘s (NYSE:SOC) pipeline off the coast of Santa Barbara, California. He also criticized Governor Gavin Newsom (D-CA), calling him a “climate alarmist” who wanted to keep California dependent on foreign oil producers.
However, concerns have been raised about the pipeline by officials as well as environmental groups. The pipeline is touted to supply over 60,000 barrels of oil a day, after a 2015 oil spill had led to its closure.
It’s also worth noting that the pipeline will reportedly supply crude oil to Chevron Corp (NYSE:CVX), which has criticized Newsom for the California Air Resources Board’s (CARB) policies aimed at curbing greenhouse gas emissions within the state.
Gas Prices Fluctuate
Gas prices saw a slight decline on Tuesday, with data from the American Automobile Association (AAA) showing that the national average price for a gallon of gasoline in the U.S. hovered at the $4.118 mark. Gas prices in California and Hawaii continued to top the charts at $5.884 and $5.650 per gallon, respectively.
On the crude oil front, the West Texas Intermediate (WTI) crude dropped 2.66% to $96.44 per barrel, while the Brent Crude oil also slipped 0.91% to $98.46/barrel at press time.
Earlier, investor and famed stockbroker Peter Schiff had voiced his concerns about the Trump administration’s decision to begin a U.S.-led blockade of the Strait of Hormuz, sharing that oil prices could be at over $150/barrel in the near future if the situation escalates further.
The Strait of Hormuz is a crucial part of the global crude oil supply chain and is responsible for over a fifth of the world’s total crude oil shipments. Iran had earlier warned that any blockades on the strait could negatively impact Americans.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photo courtesy: Shutterstock
Recent Comments