Mark Cuban is calling out former President Donald Trump for his role in the high inflation everyone is feeling right now. During NewsNation’s “Have Your Final Say” town hall, Cuban claimed that Trump's decision to side with oil companies early in the pandemic led to inflation spiraling out of control – and he said that was the beginning of our current economic troubles.
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According to Cuban, the problem started in April 2020, just as the pandemic hit. At that time, gas prices had dropped to $1.87 a gallon. Oil companies struggled with low prices, so they contacted Trump for help. Trump, in turn, asked Saudi Arabia and Russia to cut oil production to help the industry recover. Cuban argued that this move caused the initial spike in gas prices, which then fed into the inflation we’re dealing with now.
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“That was the day inflation started … as long as that agreement was in place, up until 2022, gas prices kept on going up. The minute that agreement came out and production changed, gas prices started going down and you saw inflation go down,” Cuban said. He added that Trump was more focused on helping his friends in the oil industry than on keeping gas prices affordable for Americans.
Cuban said that although it’s popular to attribute inflation to the Biden administration, Trump’s loyalty to “his oil company cronies” over consumers is the real cause of the issue. He clarified that rising gas costs impact the price of practically everything, including groceries and transportation, and significantly contribute to inflation.
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At the town hall, Cuban’s remarks generated many reactions, with some audience members applauding his direct analysis. But not everybody agreed. Dana white, a big Trump supporter, pushed back, arguing that Trump had built a strong economy and that Harris, as vice president, hadn’t proven herself capable of leading.
Still, Cuban kept his focus on the impact of that early pandemic decision. He believes that without the production cuts, inflation might not have gotten so bad. “You can track it,” he said, referring to the steady price increase that followed Trump’s request to Saudi Arabia and Russia.
If anything, the debate at the town hall uncovered once again the deep political divisions over how to interpret the economy’s current state.
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