CNN claimed Friday that “America just got a $100-a-month raise,” touting falling gas prices and encouraging Americans to think of the decrease as a “tax cut” or “raise.”
“Next time you stop at a gas station, think of it as a $100-a-month tax cut. Or a maybe $100-a-month raise.”
Next time you stop at a gas station, think of it as a $100-a-month tax cut. Or a maybe $100-a-month raise. https://t.co/7FOuCRfrJt
— CNN (@CNN) August 19, 2022
The article claims the “steady drop in gas prices over the last few months has turned into an unexpected form of economic stimulus.” (RELATED: Doocy And Jean-Pierre Debate Gas Prices In Frosty Exchange)
The average national price of gas as of Friday is $3.918, a $1.098-drop from the highest recorded average of $5.016 on June 14. The article argues that since the average household uses roughly 90 gallons of gas each month, the ~$1.10 price drop “equals savings of $98.82.”
“The impact of the extra cash could be a substantial boost to an economy that is showing signs of consumers pulling back on purchasing nonessential items,” the article continues.
The White House has taken a victory lap over falling gas prices. Secretary of Transportation Pete Buttigieg celebrated a slight decrease back in July, tweeting “Good morning! Gas prices are going down.”
Good morning! Gas prices are going down.
— Secretary Pete Buttigieg (@SecretaryPete) July 21, 2022
White House economic adviser Jared Bernstein also credited President Joe Biden with the recent drop in gas prices, although he also said that it was “no victory lap.”
The Biden administration came under scrutiny in June from major oil producers, who criticized the administration’s decision to increase roadblocks to oil production, according to the Daily Caller News Foundation.
