White House NEC Director Kevin Hassett Says Gasoline Prices May Fall After Strait of Hormuz Reopens
Kevin Hassett said vessel traffic through the Strait of Hormuz is running 10% below normal, while the U.S. has contingency plans and expects the waterway could reopen within two months.
Fact Check
The claim is strongly supported by the fetched Jin10 flash, which directly attributes to Kevin Hassett the specific points at issue: Strait of Hormuz vessel traffic being 10% below normal, U.S. contingency plans, an expectation that the strait could reopen within two months, and a subsequent drop in energy prices. PANews repeats the same statement and cites that Jin10 flash, reinforcing that this wording circulated consistently. Fortune's article from March 15 does not contain the exact 10% and two-month language, but it independently corroborates the broader context that Hassett was publicly discussing a defined multi-week timeline for the conflict and anticipating lower energy prices after the disruption ended. I did not secure a White House transcript, network interview transcript, or direct video clip from Hassett containing the exact wording, so the assessment stops short of high-confidence confirmed true.
Summary
White House NEC Director Kevin Hassett said vessel traffic through the Strait of Hormuz is currently 10% below normal. He said the United States has contingency plans in place and expects the waterway could reopen within two months. Hassett also said the Federal Reserve still has room to cut interest rates. The remarks add new detail to earlier comments about energy supply stability and the potential for gasoline prices to ease after the strait reopens.
Terms & Concepts
- Strait of Hormuz: A critical maritime chokepoint for global oil shipments, where disruptions can affect energy supply, fuel prices, and wider financial markets.