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Gas Prices Surge Amid U.S.-Iran Tensions, Hassett Responds

3/19/2026

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Summary

Story summary

Kevin Hassett, the National Economic Council Director, downplayed rising gas prices tied to the U.S.-Iran war.
He said the U.S. economy remains 'fundamentally sound,' though costs could rise if the conflict persists.
Gas prices have surged to $3.79 per gallon, and disruptions in the Strait of Hormuz could threaten the food supply.
Democratic lawmakers criticized Hassett's remarks as reflecting the administration's disregard for American consumers.

History

Historical Context

The U.S.-Iran War in 1980 triggered significant economic turmoil, with oil prices surging and inflation rates exceeding 13%. This crisis echoed earlier geopolitical tensions, impacting consumer costs and economic stability. Today, rising gas prices at $3.79 per gallon reflect ongoing vulnerabilities in the U.S. economy, as disruptions in the Strait of Hormuz continue to threaten supply chains and prompt scrutiny of economic management.

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Story summary

Kevin Hassett, the National Economic Council Director, downplayed rising gas prices tied to the U.S.-Iran war.
He said the U.S. economy remains 'fundamentally sound,' though costs could rise if the conflict persists.
Gas prices have surged to $3.79 per gallon, and disruptions in the Strait of Hormuz could threaten the food supply.
Democratic lawmakers criticized Hassett's remarks as reflecting the administration's disregard for American consumers.

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