President Trump's False Claims on Gasoline Prices
President Trump falsely claimed multiple times that gasoline prices hit $1.98 a gallon, likely referring to the trading price for RBOB, a gasoline product traded as a commodity, which is not what consumers pay. Gasoline prices are mainly determined by the cost of crude oil on the global market.
Key Points
- Gasoline prices did not hit $1.98 a gallon, as claimed by President Trump
- The trading price for RBOB, a gasoline product, is not what consumers pay at the pump
- Presidents do not control gasoline prices; they are mainly determined by the cost of crude oil on the global market