Gas prices in the U.S. Have surged past $4 a gallon, sparking heated debate on who bears responsibility. On Fox News, Bill Hemmer cut off Kevin Hassett, former President Donald Trump’s top economic adviser, when Hassett tried to pin the blame on President Joe Biden during a tense discussion about the rising fuel costs amid escalating tensions with Iran.
Gas Prices Soar as Iran Blocks Strait of Hormuz
The national average for gasoline in the U.S. Recently climbed to approximately $4.09 per gallon, according to the American Automobile Association. That’s up nearly a dollar from just a month ago, when the price hovered around $3.11. A year ago, gas cost about $3.26 on average, showing how quickly prices have jumped amid geopolitical turmoil.
A big part of the pressure comes from the conflict with Iran, which has basically closed the Strait of Hormuz. This narrow waterway in the Middle East accounts for nearly 20% of the world’s oil supply. Closing the strait has squeezed global oil markets, driving up crude prices and making gas more expensive for drivers.
Fox Host Halts Hassett’s Attempt to Blame Biden
During Friday’s broadcast of Fox News’ "America’s Newsroom," Bill Hemmer questioned Kevin Hassett, director of the National Economic Council under Trump, about the spike in gas prices and where they might be headed. Hassett described the situation as a "temporary phenomenon," assuring viewers that efforts to ease the strain were underway.
Hassett cited the Trump administration’s release of 172 million barrels from the Strategic Petroleum Reserve, calling it the second-largest release on record. He argued The move was designed to mitigate disruptions caused by the Iran conflict.
Then Hassett pivoted, claiming that prior to the 2022 midterm elections, President Biden made the largest release from the reserve during a time when there was no supply disruption. According to Hassett, Biden’s goal was to counteract what he called "terrible energy policies" and lower gas prices ahead of the election.
Hemmer quickly interrupted, saying, "Ok, but that was then, and this is now." He pointed out that West Texas Intermediate crude, a key U.S. Oil benchmark, rose from $67 a barrel in late February to $111 recently. Hemmer pressed Hassett on how much the economy could tolerate such high prices and where the ceiling might be.
Energy Policy Context and Economic Impact
Hassett stressed that the current U.S. Economy runs on a different footing than in the 1970s, when oil production was far less robust. He credited Trump’s energy dominance strategy with helping to keep supply more stable now, despite the turmoil.
Still, he maintained that the price surge would end soon.
The price jump also comes amid U.S. and Israeli strikes on Iran that started around five weeks ago. The U.S. Central Command reported more than 12,300 targets hit since late February, adding to market uncertainty and fueling fears of further disruption to oil flows.
On the demand side, the American economy’s strong momentum has kept fuel consumption high, even as prices climb. That puts policymakers in a bind: higher prices help curb demand but also risk slowing growth.
Why the Debate Matters
Gas prices impact nearly every part of the U.S. economy, from how much it costs to get around to the prices we see in stores. When prices climb sharply, consumers feel the pinch immediately, and political leaders face mounting pressure.
The back-and-forth between Hassett and Hemmer illustrates the intense political stakes tied to energy costs. Blaming past policies or current geopolitical events becomes a tug of war, as Americans try to understand why they’re paying more at the pump.
Since oil markets depend so much on global events, no one knows how long these price swings will continue. Releasing oil from reserves can help a bit, but it won’t fix supply problems if the conflict drags on or gets worse.
With West Texas crude over $110 a barrel, the big question is how long U.S. consumers and the economy can deal with rising energy costs while the Middle East stays unstable. The answer could shape political and economic debates for months to come.
