Hassett: Energy prices will drop ‘like nothing you’ve ever seen before’ when strait is reopened

National Economic Council Director Kevin Hassett said energy prices are going to fall “like nothing you’ve ever seen before” once Iran reopens the Strait of Hormuz.

“Well, you know, I can’t really talk about the ongoing negotiations and the strikes, but what I can say is that as soon as the straits are open, then energy prices are going to plummet like nothing you’ve ever seen before,” Hassett said on Fox Business Network’s “Mornings with Maria.”

“There’s so much oil sitting in the Gulf, there’s so much excess capacity in Saudi Arabia and [United Arab Emirates (UAE)], that prices should drop very, very quickly,” he told host Maria Bartiromo.

Gas and oil prices have been elevated since the U.S. and Israel launched joint strikes on Iran in late February, prompting Tehran to restrict commercial shipping through the Strait of Hormuz. The waterway marks a........

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