Latest news with #ReformulatedGasolineBlendstock
Int'l Business Times
20-05-2025
- Business
- Int'l Business Times
Trump Ridiculed After Declaring Food Assistance Cut Will 'Give Everyone Much More Food': 'Doesn't Even Make Sense'
Social media users are mocking President Donald Trump for claiming that his proposed cuts to government funded food assistance programs would actually give Americans more access to food by helping decrease food prices nationwide. Trump attended a meeting with House Republicans on Monday at Capitol Hill, after which he was asked about his plans for food assistance programs by reporters. "You campaigned on lowering the price of groceries. How can you justify cutting food assistance?" one reporter asked Trump. "The cut is going to give everybody much more food because prices are coming way down, groceries are down, eggs. You told me about eggs, you asked me a question about eggs in my first week," The President began. "I said 'I just got here, tell me about eggs.' Eggs now are way down, everybody's buying eggs. Groceries are down, energy is down, they're buying gasoline now for $1.99. If you look back, you'll see $3.50, $4." Reporter: How can you justify cutting food assistance? Trump: The cut is going to give everybody much more food because prices are coming down.. — Acyn (@Acyn) May 20, 2025 Social media users responded to the President's claims with shock and disbelief. "Doesn't matter how low the prices are when you don't have enough money to afford food," wrote one user. Doesn't matter how low the prices are when you don't have enough money to afford food.🤦♀️ — Tina Webb (@LaundryPrncss) May 20, 2025 "Cutting food assistance while prices are 'coming down'? That's a gamble millions of vulnerable families can't afford. Promises don't fill empty plates, real support does," said another. Cutting food assistance while prices are 'coming down'? That's a gamble millions of vulnerable families can't afford. Promises don't fill empty plates, real support does — Zaid Ahmd (@realzaidzayn) May 20, 2025 "Next up: canceling healthcare so everyone becomes healthier through the power of savings!" wrote a third. Next up: canceling healthcare so everyone becomes healthier through the power of savings! — ⴰⵎⴰⵍ ⵎⴻⵔⵣoⵓⴽ (@amalmerzouk) May 20, 2025 "That doesn't even make sense," concurred a fourth. That doesn't even make sense — 👣Jarett & 🐾Lilly vs EVERYTHING (@JLVsTW1) May 20, 2025 Gasoline is not actually selling for a $1.99 anywhere in the country, according to Axios. While the price of gas did briefly plummet to that price point in April, it was only for Reformulated Gasoline Blendstock for Oxygen Blending, or RBOB, traded on the New York Mercantile Exchange, and not for gasoline at any gas station. "These reductions don't just affect people facing hunger—they also hurt the retailers, farmers, and businesses that supply fresh, local food to our region," the head of a Nevada food bank told NBC last month. Originally published on Latin Times © Latin Times. All rights reserved. Do not reproduce without permission.
Axios
06-05-2025
- Automotive
- Axios
Where gas is really just $1.98 a gallon
Last week, President Trump triumphantly announced, "Gasoline just broke $1.98 a Gallon, lowest in years," even as the average price at the pump was $3.18. Why it matters: Gasoline did touch $1.98 briefly in April, but not at any gas station in the country. The wholesale price of gasoline, known as the Reformulated Gasoline Blendstock for Oxygen Blending, or RBOB, is traded on the New York Mercantile Exchange and has occasionally touched that level. How it works: Once the RBOB lands at New York Harbor, it then needs to be blended with ethanol and transported to gas stations before it can be pumped into vehicles. So the price for drivers is usually over a dollar above the wholesale price. The bottom line: Gas is the most salient price in the economy, and it is almost impossible to take a car journey in the nation without seeing it multiple times.
