During a Friday broadcast on Fox News, anchor Bill Hemmer steered a conversation on soaring energy costs back to current market data after Kevin Hassett, Director of the National Economic Council, attempted to shift the focus toward former President Joe Biden’s past policies.
The exchange began with Hemmer highlighting a sharp rise in fuel costs, noting that the national average has climbed to $4.09 per gallon compared to $3.26 a year ago.
When asked for a forecast on where prices are headed, Hassett characterized the current spike as a “temporary thing” linked to the ongoing conflict in Iran. He argued that strong job numbers suggest the market does not view the current situation as a long-term disruption.
Hassett detailed the administration’s response, citing the second-largest release of the Strategic Petroleum Reserve on record and a 60-day waiver of the Jones Act to facilitate easier movement of domestic fuel. However, the conversation took a sharp turn when Hassett began criticizing the previous administration’s use of oil reserves.
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“I’d like to remind everybody once again that we could have had a bigger strategic reserve effect except for the fact that right before the midterm election, Joe Biden—he’s the one who had the biggest release of the strategic reserve and there was no supply disruption at the time,” Hassett said. “He was just trying to offset all those terrible energy prices and get gas prices down ahead of the election.”
Hemmer intervened immediately, cutting Hassett off to refocus the interview on the immediate spike in oil prices. “OK, but that was then, and this is now,” Hemmer said. He pointed out that West Texas crude had jumped from $67 a barrel on February 27 to $111, asking Hassett what the American economy could actually tolerate.
Hassett responded by asserting that the U.S. economy currently has enough momentum to withstand the pressure. He credited the “energy dominant strategy” of the Trump administration as a “godsend” and insisted that prices would stabilize soon.
“The bottom line is that the energy prices are going down as this quiets down, and you don’t have to believe me,” Hassett said, pointing to future contracts which he claimed show a return to normal levels by the fall.
Hemmer concluded the segment by noting that the practical reality for Americans remains visible at the pump.
“I watch the gas signs every time I’m on the road,” Hemmer said, adding that travelers heading out for the weekend will be paying close attention to those rising numbers.
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