Oil prices continue to rise as the war with Iran rages on. CENTCOM announced that new strikes on Iran were launched around 12 p.m. EST. The attack came after Trump said that he was pivoting to try sanctions against Iran again.
Gasoline prices were up over $4 per gallon every day in the month of August, CNN reported, and the stock market didn't appear to be happy about the new strikes and oil surged to over $94 a barrel. Before the war began, fuel prices were below $3 a gallon, but today they are up 38 percent at an average of $4.10, AAA reports.
Republican strategist Shermichael Singleton agreed that the situation is "bad" for Republicans as the election approaches, but claimed that "it's always bad," quoting Democrat James Carville saying "it's the economy, stupid" over 36 years ago.
"Now, look, if the president can somehow figure out a way to utilize an executive authority to get these CEOs to lower prices, maybe you work with Congress and say, we'll offer a 4 or 5 year tax incentive," Singleton proposed. That said, he acknowledged that there are few days left for the legislature to do anything, much less for it to take effect.
The White House announced a "deal" with Venezuela that would grant the U.S. rights to billions of dollars in oil. Co-host Brianna Keilar said that it's not going to work because something like that will take a very long time before it's effective. CNBC reported on Monday that the deal isn't going to lower fuel prices. Barron's noted that getting the oil to tankers will require at least $100 billion in infrastructure investments from the United States.
Democratic strategist Sawyer Hackett explained that the White House is simply "Trying to save face and convince the American people that they're going to lower their gas prices before the midterms. That's not going to happen."
He explained that every expert reviewing the Venezuela deal has made it clear that Americans wouldn't see any savings at the pump for 5-15 years. But worse, he said that the talking point isn't great for Republicans who are desperately trying to make the election about socialism and communism.
"And, you know, it's funny that we're having that we keep having these conversations, you know, in the midterms about socialism and communism," said Hackett. "Meanwhile, the president is pursuing a plan to have the U.S. military seize a 35 percent stake in a Venezuelan oil company. So congratulations on combating socialism. You brought it into Venezuela and into America. It's great!"
That's when Singleton laughed awkwardly and confessed, "That's a good talking point. That's a whole — I'll give you that one."
"That's a whole other panel," said Keilar.
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