Trump's Gas Price Claims Face Reality Check Amid Oil Price Plunge

Oil prices plummeted across the board on Monday, but gas prices may not see a significant drop at the pump. According to GasBuddy analyst Patrick De Haan, while oil prices fell sharply, gasoline futures are down only 2 cents per gallon. If refining capacity were not a limiting factor, gas prices would be down over 25 cents per gallon, De Haan said.

President Donald Trump made headlines by claiming the U.S. has a 'thousand-year supply of gasoline,' which he contrasted with China's lack of resources. He also touted the addition of oil from Venezuela to the mix, saying 'when you add Venezuela to it, we really have more oil.'

However, Sen. Adam Schiff (D-CA) questioned Trump's Venezuelan oil comments, pointing out that the U.S. has reported $13 billion in revenue from Venezuelan oil without providing any additional details.