Ed Markey: “as we head into Memorial Day weekend and the summer driving season, gas prices are up nearly 25 percent since President…”

“as we head into Memorial Day weekend and the summer driving season, gas prices are up nearly 25 percent since President Trump took office. That means American consumers are paying $350 more per year to fill up under President Trump, and here is why: No. 1, President Trump's incoherent foreign policy has been exacerbating the geopolitical risk premium on oil prices and driving them up, and President Trump's decision to withdraw the United States from the Iran deal is further roiling oil markets. Because of these actions that increase risks around the world, gas prices could keep going up even more this summer. I call this the ``Trump oil risk tax,'' and its impacts are being felt right now. The oil risk tax completely wipes out any tax savings from the Republican tax scam for the poorest Americans. The lowest 40 percent of earners are projected to get roughly $200 this year from the GOP tax plan. That is eliminated, obviously, by the $350 more they are paying now to gas up thanks to Donald Trump's policies. Donald Trump loves having his name on things--towers, steak, universities. Now his name is associated with higher gas prices for every American family. Reason No. 2, while consumers are getting tipped upside down at the gasoline pumps, oil companies are benefiting from a $25 billion tax cut this year alone from the GOP tax scam. That is on top of the $7 billion to $8 billion a year they get in permanent tax breaks and also free drilling loopholes.…”