On Tuesday’s broadcast of CNN’s “The Story Is,” Rep. Mike Levin (D-CA) stated that people don’t feel increasing GDP when they look at fuel costs and responded to fuel costs falling in many places by stating that “doubling down on the fossil fuel industry is going to lead to a lot more volatility in people’s transportation costs.”
Levin said, “[P]eople aren’t feeling it at the kitchen table. When people are at their kitchen table looking at the cost of groceries, the cost of fuel, the cost of housing, and all the rest, they’re not thinking –.”
Host Elex Michaelson then cut in to say, “Cost of fuel’s down in a lot of places — not necessarily here, highest gas prices in the country — but in a lot of places.”
Levin responded, “Well, I would argue that doubling down on the fossil fuel industry is going to lead to a lot more volatility in people’s transportation costs. But it’s up 13% year-over-year — energy costs, utility costs are year-over-year up 13%. I don’t think people are focused on GDP when they’re looking at their grocery bills and their other bills. I do think, however, that growth is good and that number is an excellent number. I’m curious how much of it is consolidated in a handful of industries and companies, specifically, the AI boom is something I think we’re all concerned about. But look, positive numbers are good.”
Levin further stated that he thinks there is an AI bubble.
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