Reed Calls Out Trump for Inflicting Pain at the Pump

CRANSTON, RI – Over five months into President Trump’s war of choice with Iran, elevated gas prices are putting added financial pressure on American drivers and businesses alike. Trump’s reckless war with Iran and his costly tariff taxes are causing gas prices and food prices to soar, and Americans have less money to spend as a result. Before Trump started his war with Iran, regular unleaded gasoline in Rhode Island averaged $2.94 the week before the war. Since Trump started bombing Iran, gas prices have spiked by over $1.10 per gallon to more than $4 per gallon. Today, U.S. Senator Jack Reed returned to a locally owned gas station in Cranston where he held a similar event 101 days ago, on April 24, to provide an update on how Trump’s reckless tariffs and war with Iran are raising costs for all Rhode Islanders. Reed, who is fighting to end Trump’s reckless overseas conflict and tariff taxes and bring down costs so families and businesses can thrive, noted that during his last visit on April 24, the average gas price in Rhode Island was $3.98. Today it’s: $4.09. In April, the energy burden on American citizens – the extra costs for gas and diesel they are forced to pay because of Trump’s war with Iran -- was $25.7 billion. Today, that figure has risen to $78.2 billion, according to Brown University researchers. That means the average family has been forced to pay nearly $600 more for gas and diesel because of Donald Trump’s war. “With no clear plan, objective, or exit strategy, President Trump chose to initiate two costly, destabilizing international conflicts: global trade tariffs and a war against Iran. In both cases, Trump turned his back on America’s allies and forced American consumers and businesses to bear higher costs and heavier financial burdens while costing the U.S. jobs and lost opportunity. Right now, we’re seeing the turmoil play out due to President Trump’s lack of strategy. One day he’s escalating, the next day he’s backing down, but none of his actions are following a clear strategy and that is why Americans are paying such high, elevated prices,” said Senator Reed. “Donald Trump isn’t making things better. He’s making them worse. I don’t know who he listens to other than his cheering squad but he’s definitely tuning out the American people and our economy.” Reed, a leading member of the Senate Armed Services Committee, has repeatedly voted against Trump’s reckless trade war and Trump’s war with Iran. Senator Reed is working to end these gambits, strengthen America, lower costs, and create an orderly process to reimburse Americans who have been unfairly forced to pay elevated costs due to President Trump reckless policies. Reed noted that President Trump’s actions in Iran so far have only emboldened Iran and completely failed to break Tehran’s stranglehold on the Strait of Hormuz. In fact, Iran has managed to expand the conflict to areas of the Red Sea and Egypt, threatening even greater economic fallout. “So far, all Donald Trump has done in Iran is empower a younger more hostile regime and raise energy prices. Responsibly ending both Trump’s trade war and war with Iran is critical for America’s national security and economic future. President Trump has driven severe price spikes for things like oil, fertilizer, jet fuel, and the price of many everyday goods, not to mention his massive cuts to affordable health care coverage. Indeed, high gas prices squeeze more than motorists -- entire sectors of our economy are threatened and American consumers are being squeezed from all sides as they are also forced to contend with Trump’s tariffs, which are serving as a back-door tax on American consumers and businesses,” said Reed, pointing out that higher prices and new fees – like airlines suddenly charging more for bags -- are unlikely to dissipate as soon as the war ends. Senator Reed has cosponsored two key bills that could return hundreds or thousands of dollars to Americans who have been unfairly forced to bear the burden of Trump’s tariffs and oil price shocks: the Tariff Refunds for Working Families Act (S.4093) and the Big Oil Windfall Profits Tax Act (S. 4111). Led by U.S. Senator Martin Heinrich (D-NM), the Tariff Refunds for Working Families Act would create a tax rebate program for individuals and families who have paid increased prices for groceries and everyday essentials due to President Trump’s unlawful foreign tariffs. The bill would provide direct rebates of $1,200 to American families who make $180,000 or less and $600 to individuals who make $90,000 or less. It would also provide an additional $600 for each dependent child. As American drivers pay more for gas and oil profits climb due to the war, Senator Reed has also teamed up with U.S. Senator Sheldon Whitehoue (D-RI), who is the lead Democrat on the Environment and Public Works (EPW) Committee, on the Big Oil Windfall Profits Tax Act. This bill would impose an excise tax on the windfall profits of major oil companies that produce or import 300,000+ barrels per day, and return some of the industry's tens of billions of dollars in excessive gains to consumers in the form of a quarterly rebate.