{"id":941,"date":"2026-05-31T18:40:25","date_gmt":"2026-05-31T18:40:25","guid":{"rendered":"https:\/\/homebuyerrelocation.com\/?p=941"},"modified":"2026-05-31T18:40:25","modified_gmt":"2026-05-31T18:40:25","slug":"top-trump-economic-adviser-predicts-sky-high-oil-prices-will-drop-soon","status":"publish","type":"post","link":"https:\/\/homebuyerrelocation.com\/?p=941","title":{"rendered":"Top Trump economic adviser predicts sky-high oil prices will drop soon"},"content":{"rendered":"<div>\n<div>\n<div>\n<p>An increasing number of oil tankers are headed through the embattled Strait of Hormuz and gasoline prices will drop once the ships reach Asia, National Economic Council Director Kevin Hassett predicted Sunday.<\/p>\n<p>Read more <a href=\"https:\/\/homebuyerrelocation.com\/?p=939\">U.S. strike on an alleged drug boat kills 3 in the eastern Pacific Ocean in fourth attack this week<\/a><\/p>\n<p>Mr. Hassett was upbeat about the economy in an interview on \u201cFox News Sunday,\u201d batting away concerns about economic indicators that show a substantial number of consumers are suffering from high costs related to the rising price of fuel.<\/p>\n<p>Mr. Hassett said prices will soon go down amid talks between the United States and Iran on ending the war and the stoppage of ships attempting to pass through the strait.<\/p>\n<p>\u201cWe have ongoing negotiations. There are already a lot more ships getting through the straits than were getting through before,\u201d he said.<\/p>\n<p>Mr. Hassett appeared upbeat about opening the strait, as the war drags on into a fourth month.<\/p>\n<p>U.S. and Iranian negotiators have been working on a compromise to end the war but have yet to secure a deal.<\/p>\n<p>President Trump told Fox News on Saturday that he\u2019s \u201cno hurry,\u201d to make a deal.<\/p>\n<p>\u201cI\u2019d like to say I\u2019m in a hurry, because prices will come tumbling down,\u201d the president said on \u201cMy View with Lara Trump.\u201d \u201cBut if you are in a hurry, you won\u2019t make a good deal. Slowly but surely I think are getting what we want and if we don\u2019t get what we want we will end it in a different way.\u201d<\/p>\n<p>Mr. Hassett said gas prices have spiked in part because U.S. oil refineries pivoted to producing more lucrative diesel and jet fuel to fill the shortages caused by the strait\u2019s closure.<\/p>\n<p>\u201cAs soon as the oil lands in Asia, then we expect those prices to reverse and gasoline production in the U.S. to go up,\u201d he said.<\/p>\n<p>Read more <a href=\"https:\/\/homebuyerrelocation.com\/?p=938\">Ken Paxton is \u2018optimistic\u2019 Senate GOP will back his campaign after his bitter primary win<\/a><\/p>\n<p>The average price for a gallon of gas is about $4.34, up from $2.98 in late February. A barrel of oil costs in the mid-$80s to low-$90s, depending on the global benchmark, up from $70 before the war began.<\/p>\n<p>According to Moody\u2019s Analytics, the average American household has shelled out an additional $450 in fuel-related costs since the Iran war began in February.<\/p>\n<p>A Fox News poll found 86% of Americans were burdened by the high price of gas. Consumer confidence has also taken a dive, according to the University of Michigan Survey of Consumers.<\/p>\n<p>Mr. Hassett said the Michigan survey isn\u2019t credible and said Americans are enjoying higher wages and near-record low unemployment numbers.<\/p>\n<p>\u201cWhich means people aren\u2019t losing their jobs. Real income is going up,\u201d he said. \u201cThose are the kinds of things that have historically led elections, not sentiment surveys from a bunch of liberals at the University of Michigan.\u201d<\/p>\n<p>Mr. Hassett viewed increased credit card delinquencies as a positive, arguing that the increased spending included restaurants and other non-essential activities.<\/p>\n<p>\u201cThat\u2019s a sign that you would see when people are optimistic about the future,\u201d he said. \u201cWhat we\u2019re seeing right now is spending based on optimism about the future. And if you consider how big the boom is going to be \u2026 when the straits open, then it\u2019s reasonable for people to be optimistic.\u201d<\/p>\n<p>Read more <a href=\"https:\/\/homebuyerrelocation.com\/?p=936\">Maryland school districts require teachers to potty-train toddlers as \u2018pre-K for all\u2019 expands<\/a><\/p>\n<\/div>\n<\/div>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>An increasing number of oil tankers are headed through the embattled Strait of Hormuz and gasoline prices will drop once the ships reach Asia, National Economic Council Director Kevin Hassett predicted Sunday.<\/p>\n","protected":false},"author":1,"featured_media":940,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,7],"tags":[],"class_list":["post-941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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