02/ Jan’19

Trump: Falling gas prices are ‘tax cut’ for US consumers

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President Trump touted steadily falling gas prices as a de facto tax cut for U.S. consumers who are paying less at the pump.

Gas prices have plunged in recent months – a decline that has occurred alongside a drop in the price of U.S. crude oil amid concerns that the marketplace is oversupplied. The average national price of gas stood at $2.25 per gallon as of Jan. 2.

“Do you think it’s just luck that gas prices are so low, and falling? Low gas prices are like another tax cut!” Trump wrote on Twitter on Tuesday.

The price of a gallon of unleaded gas has fallen for 84 consecutive days, according to Fox News Research. At present, 11 states have an average price below the $2 per gallon threshold.

Savings are expected to continue in 2019, according to industry tracker GasBuddy. The firm predicts a national average price per gallon of $2.70 in 2019, down from an average of $2.73 in 2018, according to figures provided to USA Today.

U.S. crude oil prices rose more than 4 percent to roughly $47.60 per barrel in midday trading Wednesday.