00:00During his State of the Union speech, President Trump said this.
00:04Gasoline, which reached a peak of over $6 a gallon in some states, under my predecessor,
00:11it was quite honestly a disaster, is now below $2.30 a gallon in most states.
00:16Now look, you can always find a gas station that's charging a bit less than the average.
00:20But let's be clear, when Trump was on the campaign trail,
00:23he said he was going to get gasoline costs below $2 a gallon.
00:28And getting gasoline below $2 a gallon, bring down the price of everything.
00:33Now, if you're like me, you took that to mean some kind of national average price.
00:38Well, we didn't get anywhere near that in Trump's first year.
00:42I've looked at the numbers and here they are.
00:44So the good news for Trump is that in his first year, gasoline prices did go down.
00:49From his inauguration until early January of this year,
00:53they went down about $0.30 or so on average to about $2.80 a gallon.
00:58That's a drop of about 11%.
01:00Now you'll notice that $2.80 is quite a bit higher than $2.00.
01:05Even worse, they've rebounded since then.
01:08About half of that drop has since come back up.
01:11Largely, I would say, because of President Trump's armada that he sent to the Middle East
01:16and threats of war against Iran.
01:18But this isn't about foreign policy.
01:20The reason I bring that up is that most of the drop in energy costs
01:24that happened during Trump's first year was about global crude oil prices.
01:29It really had very little to do with anything that the president did or did not do.
01:34The fact is, Trump's big promises on dealing with energy inflation have mostly been a bust.
01:39Gasoline is nowhere near $2 a gallon and it's going up.
01:44Meanwhile, electricity bills and gas bills have gone way up, faster than inflation.
01:49All in all, Trump has very little to boast about for the first year of his energy policy.
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