White House Says Gas Prices to Drop Soon, More Actions Coming

2 min read

On Friday’s broadcast of the Fox News Channel’s “America’s Newsroom,” White House National Economic Council Director Kevin Hassett stated that there are “domestic policy things we could do to lower the price of gasoline, lower the price of diesel, and there’s a lot more to come on that next week.”

Relief on Gas Prices Coming ‘Virtually Immediately’

Hassett explained that real relief on gas prices is coming, virtually immediately, due to the Navy opening the straits. This move allows crude oil to flow through, excluding Iranian oil, which has been putting significant pressure on Iran. Additionally, President Trump is engaged in negotiations with world leaders to release more refined products from European reserves. Hassett emphasized that these developments are happening in real-time, signaling that relief is on the way.

More Domestic Policy Actions to Come

While the immediate relief from the Navy’s actions and international negotiations is expected to help, Hassett also highlighted that there are additional domestic policy measures that could further lower gas and diesel prices. He mentioned that the president has some “really interesting announcements” planned for the coming week, indicating that more steps are in the works to address the issue.

Context on Global Oil Market Dynamics

The comments by Hassett come at a time when global oil markets are under pressure due to geopolitical tensions, particularly involving Iran. The exclusion of Iranian crude oil from the straits has had a noticeable impact on global supply chains, contributing to the current price volatility. The U.S. administration’s efforts to secure additional refined products from European reserves are part of a broader strategy to stabilize fuel prices for American consumers.

Expectations for Further Announcements

As the White House continues its efforts to address high fuel prices, the public is being encouraged to stay informed about upcoming announcements. Hassett’s remarks suggest that the administration is actively working on multiple fronts, including both international and domestic strategies, to provide relief to consumers. With the president’s upcoming announcements, the focus will likely shift toward more concrete policy proposals aimed at reducing the cost of fuel in the United States.