Kevin Hassett, a key economic advisor to U.S. President Donald Trump and the chairman of the White House Council of Economic Advisers, predicted that within a month or two after the end of the war with Iran, enough crude oil would be supplied to refineries worldwide.
In an appearance on CBS, Hassett stated, “Once the Strait of Hormuz is opened, tankers will return, and refineries will be refilled with crude oil almost immediately.”
He added, “Tankers travel at about 556 km a day, so places close to the strait, like India or Pakistan, will receive crude oil immediately and convert it into refined products.”
He further explained, “While it will take a bit longer for places further down south, like New Zealand, in reality, within approximately one to two months, all the refineries on the globe will have secured all the crude oil they need.”
However, regarding when the opening of the Strait of Hormuz following a ceasefire agreement between the U.S. and Iran would be realized, he mentioned it as a matter for President Trump, Secretary of State Marco Rubio, and Iran to resolve.
Meanwhile, he rebutted concerns about economic clouds gathering amid record-breaking runs in the New York stock market and rising prices, stating that “there are no clouds gathering over the economy at all.”
He also argued that the drop in consumer sentiment index to record low levels, due to concerns about rising oil prices and inflation from the war with Iran, was influenced by respondents’ political orientation, claiming that those unidentified voters were actually Democrats.
Hassett emphasized the importance of focusing on the consumer confidence index over the consumer sentiment index, asserting that the consumer confidence index aligns with all other positive numbers currently being observed.
Despite economic uncertainties and rising oil prices resulting from the war with Iran, the Consumer Confidence Index, published by the U.S. research organization Conference Board, showed strength last month.
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