National Economic Council (NEC) Director Kevin Hassett was on “Sunday Morning Futures” with guest host Jackie DeAngelis to talk about the state of the economy in the US.
“The stock market is soaring. There is no doubt about that. There is optimism about AI, corporate earnings. Everything seems great but you’ve got the pesky problem of high oil prices, which translates at the pump for consumers,” DeAngelis said.
“The President is saying that a deal appears to be near finalization. How quickly can consumers expect to feel some relief?” DeAngelis asked.
“As soon as a deal is reached, then the straits are open and oil starts flowing again,” Hassett said.
“As people are getting ready to get their oil refineries going back to full capacity and everything, then there is just basically a gusher of oil that can come out,” Hassett commented.
Director Hassett explained that one of the signs showing that oil prices will soon drop is the way people are investing in the market. The expectation that prices will drop is evident in the spot market.
“We’ve already seen signs that people are a little bit wary about buying oil on the spot market right now because they expect the price to drop a lot sometime soon,” Hassett continued.
“As soon as we get energy prices going back down, you could actually be looking at negative inflation because of the energy price going down,” Hassett continued.
“I think you are right and I’ve been covering oil and gas for years, so I’ve seen these moves higher, and also these moves lower,” DeAngelis commented.
“We are heading into the peak of the Summer driving season, so would you caution consumers that the Summer could be a little bit bumpy as the details of this deal are finalized? They might feel a little more pain at the pump but maybe come fall they will feel some relief?” DeAngelis asked.
“Don’t forget that the people who are buying energy are then selling it over months and they know that prices are going down,” Hassett said.
“At the beginning the naysayers said that the oil price would be way above 150 if we shut the straits, and here we are you know, a little bit below 100,” Hassett continued.
“Don’t forget that US production has never been higher and so the US economy is actually not the economy that is most impacted by all this. It’s the Asian economy,” Hassett commented.
Watch:
“As soon as there’s a deal, energy prices could plummet.”
NEC Director #KevinHassett says lower oil prices and easing inflation pressures could give the Fed room to cut rates again.
More with guest host @JackieDeAngelis on Sunday Morning Futures pic.twitter.com/MZoswLIimi
— SundayMorningFutures (@SundayFutures) May 24, 2026
The post National Economic Council Director Kevin Hassett Weighs in on State of the Economy – (VIDEO) appeared first on The Gateway Pundit.