Hassett: Fuel prices ‘still higher than we would like’

Business Hassett: Fuel prices ‘still higher than we would like’ Comments: by Tara Suter - 08/09/26 10:44 AM ET Comments: Link copied by Tara Suter - 08/09/26 10:44 AM ET Comments: Link copied

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National Economic Council Director Kevin Hassett on Sunday expressed concern about continued high fuel prices amid the ongoing conflict with Iran.

“Now, prices are still higher than we would like, but we’ve taken a lot of steps so that when the Gulf situation is resolved, then we can expect prices to go way, way down because of all these new measures that we’ve taken,” Hassett told CNN’s Jake Tapper on “State of the Union.”

Amid the war in Iran, which is nearing the six-month mark, gas prices have shot up as the Strait of Hormuz, a key waterway for the oil industry, has been closed. According to AAA, the average price of a gallon of regular gas in the U.S. was about $4.01 on Sunday morning, with the average price of that same gallon being about $3.15 last year at this time.

On Saturday, the secretary of Iran’s Supreme National Security Council, Mohammad Bagher Zolghadr, presented his country’s key demands for the U.S. amid talks to reopen the strait. Iran and Oman have been taking part in discussions around the waterway.

Zolghadr pressed the U.S. to end its naval blockade in the strait, lift sanctions on Tehran and pay war reparations in a message shared on state media. He also demanded that the U.S. military withdraw from Iran and halt attacks on Iranian allies.

“The Supreme National Security Council will never give up, whether in war or in negotiations,” Zolghadr said in a translated statement reported by state media.

Beyond hiking prices, the war in Iran has strained relationships with U.S. allies, been seen as unpopular by Americans in recent polling and stressed the global economy.

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