Donald Trump’s economic adviser has claimed that the “hurt” caused to consumers as a result of the war with Iran was a low priority for the administration as diesel prices hit a record high.
Kevin Hassett dismissed consumer concerns and argued that the economy was strong despite the president’s conflict in the Middle East, sending energy prices skyrocketing.
The director of the National Economic Council also indicated that the administration was not already considering how to address higher costs resulting from the war.
“If it were to be extended, it wouldn’t really disrupt the U.S. economy very much at all. It would hurt consumers, and we would have to think about if that continued, what we would have to do about that, but that’s like really the last of our concerns right now,” the National Economic Council director said on CNBC.
Hassett argued that the U.S. economy was “fundamentally sound.”
His comments came as the White House claimed the soaring price of oil will only be temporary, even as the president begged allies to help protect shipping through the crucial Strait of Hormuz.
But Trump has not indicated when the war will end, and disruptions through the crucial waterway persisted into a third week.
Energy prices rose to a record high on Tuesday. GasBuddy.com’s Patrick De Haan noted that the price of diesel saw its largest 14-day increase ever, rising $1.217 a gallon over two weeks, breaking the previous record set in 2022.
The national average price for gas hit $3.80 a gallon, according to GasBuddy.com, while diesel rose above $5 for the first time in more than three years. The average cost of a gallon of diesel is $5.03.
It means Americans will spend $330 million more on gas now than they did a month ago.
Economists were also quick to note that diesel fuels the agriculture and shipping industries, as farmers are also seeing rising fertilizer costs due to disruptions. The higher prices could soon bleed beyond just energy costs.
Democratic lawmakers on Capitol Hill were quick to seize on Hassett’s dismissal of consumer concerns on Tuesday with a flurry of responses on social media.
“The Trump administration has once again said the quiet part out loud. Republicans don’t give a damn about the American people and will continue to make your life more expensive,” fired back House Minority Leader Hakeem Jeffries on X. “You deserve better.”
“Trump economic advisor says consumer pain is the last of their concerns,” wrote Arizona Sen. Ruben Gallego. “Tell that to Americans paying almost twice as much for gas as they were a month ago.”
Sen. Chris Murphy wrote: “Trump’s team of Epstein class advisors says it out loud more often than you’d think: ‘consumers are the last of our concern right now.’”
