This week, gas prices hit $4.48 a gallon according to AAA ― well over $3.16 a year ago, and far above the $2 he promised during the 2024 election, largely due to the closure of the Strait of Hormuz.

“You’ve got to give it to President Trump. He campaigned on $2 gas,” Colbert pointed out. “And now, he’s delivering more than twice what he promised.”

Colbert said one reason for the spike is that Wall Street traders have updated their acronym about the president. They’ve gone from TACO ― short for “Trump Always Chickens Out” ― to NACHO, or “Not A Chance Hormuz Opens.”

That led Colbert to his own acronym: CARNITAS.

“Which stands for: Can Anyone Recommend Nursing home? I Think his A-brain Sploded,” he joked.

See more in his Monday night monologue: