President Donald Trump’s top economic adviser got shut down by Fox News anchor Bill Hemmer while trying to shift the blame for high gas prices.
“These higher prices are a temporary phenomenon and it’s going to end very soon,” Kevin Hassett, director of the president’s National Economic Council, said Friday.
“Okay, I watch the gas signs anytime I’m on the road,” Hemmer replied, reminding Hassett that many people will be traveling for Easter weekend.
Since the U.S. and Israel launched the first strikes on Iran on Feb. 28, the price of gas at home has climbed, on average, roughly 37 percent. That translates to an increase of more than $1 per gallon.
The surge in energy costs is tied to Iran’s effective closure of the Strait of Hormuz, a critical passage for oil tankers.
With no definitive signs of the war de-escalating, Hassett complained that the Biden administration depleted the strategic petroleum reserve the White House is now relying upon to stabilize energy prices. Once again, Hemmer appeared unmoved by the argument.
“Ok, but that was then, this is now,” the Fox News host replied, pointing to the surging price of West Texas Crude, which has climbed from $67 to $111 since the conflict with Iran began.
“I think the question there is: what can our economy tolerate?” Hemmer asked.
Hassett responded by praising the performance of the economy, which added more jobs than expected in March, while insisting that the high prices are only temporary.
“President Trump just gave an amazing address about that,” Hassett said.
In his speech, the president said the military operation against Iran would last two to three more weeks and that gas prices would quickly return to pre-war levels.
“The bottom line is that energy prices are going down as this quiets down,” Hassett said.
In fact, the price of Brent crude oil climbed Friday, reaching $109 per barrel.
This comes as markets show skepticism of a quick end to the war.
On Friday, U.S. officials said Iran had shot down an American F-15 fighter jet, prompting special forces operators to enter Iranian territory to rescue the ejected crew members. One was reported rescued by Friday afternoon.
In addition, the U.S. began bombing civilian infrastructure in Iran, hitting a bridge as part of an effort to force the country into a deal.
The war has been underway for roughly five weeks, with Trump routinely offering vague timelines.
