Senate Minority Leader Chuck Schumer demonstrated his lack of understanding of the American economy this weekend when he claimed that the price of gas “never goes down.”
“The old Adam Smith idea of competition is gone,” said Sen. Schumer. “People hate it when their cable bills, airline fees go up. Gas prices are sticky when the price for oil goes up on the markets, it goes right up but never goes down.”
Of course, almost any American with a car will tell you this is not true. In fact, gas prices in the U.S. just hit a 12-year low over the July 4th holiday weekend.
Watch the clip above to see Schumer’s major gaffe.
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