America has become an “oil-producing superpower” under President Donald Trump’s leadership, and that shift will help lower gas prices in the long term, White House Council of Economic Advisers Chairman Christopher Phelan told Breitbart News on Tuesday.
Phelan’s remarks came during the “State of the Economy” policy discussion with Breitbart Washington Bureau Chief Matthew Boyle.
“First thing I want to say is the doom and gloomers were wrong. People that were predicting that, not us, the particular Council of Economic Advisors was not predicting that oil would go to $200 a barrel. So they were wrong. I do think that when the current conflict ends [in Iran] that we will see world oil prices go down,” he said:
I think one of the big differences that we really need to understand is when I was a teenager during 1979 oil crisis, what I did is I grabbed cars from around the neighborhood and waited in line for four hours for them. I got paid to wait in line on odd or even days to fill their car, and then I would go get another car from another neighbor and do that.
We were an oil-importing nation, big time. Right now, we’re an oil-producing superpower and that is one of the reasons why, this is in fact a much bigger shock than what happened in 1979. And instead of having four-hour gas lines, we have higher gas prices; those do hurt. But the size of the reaction compared to the size of the shock is much lower now, and it’s because we are now — much of the credit goes for this to things that happened in the first Trump administration — we are an oil-producing superpower, and this really matters.
U.S. Treasury Secretary Scott Bessent on Saturday pointed to the United States’ efforts to isolate Iran economically, Breitbart News reported.
“We are running Operation Economic Outcast right now, and this is the greatest economic isolation operation in the history of the world. We are going to asphyxiate this regime,” he stated.
Iran has been experiencing long lines at gas stations along with fuel shortages, high unemployment, and astronomical inflation.
In a social media post Monday, President Trump wrote, “Oil prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran. Three Dollars a gallon, but ultimately, below Two Dollars a gallon. It will all happen quickly, and Iran will never have a Nuclear Weapon. MAGA! President DJT.”
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