Republican frontrunner Donald Trump has shown a fondness for bad economic predictions and conspiracy theories in the past. In one 2012 blog video, Trump managed to combine them both in predicting that if President Obama won re-election, gas prices would go through the roof due to a deal the president had made with the Saudis.
Gas prices today are at the lowest they've been since the start of the Great Recession, with the national average near two dollars. Prices had a slight drop following President Obama's re-election. The plunge in prices since then has been attributed to a combination of factors, including the Saudis and other Middle Eastern producers increasing drilling in an attempt to undercut American companies after the shale boom significantly increased U.S. oil production.
"Even though gasoline and oil prices are going through the roof, I have no doubt in my mind that President Obama made a deal with the Saudis to flood the markets with oil before the election, so he can at least keep it down a little bit," said Trump in his April 2012 video blog.
"After the election it's going to be a mess," continued Trump. "You're going to see numbers like you've never seen if he wins. Let's hope he doesn't win. Remember I said it — if he [Obama] wins, oil and gasoline through the roof like never before. I believe a deal was made. It's a sinister deal, but let's see whether or not I was right."
That same year, Trump predicted that the price of a loaf of bread would soon soar to $25. It currently costs $2.32 on average nationally.