Treasury Secretary Scott Bessent has projected a significant drop in oil prices to between $40 and $50 per barrel once the Iran conflict concludes. He believes the current constraints will ease, leading to an extensive supply of oil in the market.
During an interview on “My View with Lara Trump,” Bessent described the American economy as “very strong” and mentioned that it is experiencing a “productivity burst.” He stated, “On the other side of this, we actually could see oil prices $40 or $50 because there’s so much supply coming on. It’s just constricted right now.”
The “energy supply shock” is only temporary,Bessent said, highlighting the United States as an “energy superpower” and a leader in artificial intelligence and global computing power.
Bessent credited the Trump administration’s immigration policies with contributing to job recovery in America, with wage increases resuming. He noted, “Americans, on average, are breaking even. Working-class Americans at the bottom of the wage spectrum are doing a little better than inflation, but we don’t believe that that is acceptable.” He added that wage increases will persist, driven by ongoing manufacturing and construction growth.
The geopolitical tension between Washington, D.C., and Tehran remains high, yet Bessent anticipates changes in global oil routes. He predicted that the Strait of Hormuz’s significance would diminish as new pipeline routes are developed by Gulf nations.
Bessent stated confidently, This is the greatest economic isolation operation in the history of the world. We are going to asphyxiate this regime,
referring to the combination of blockades and sanctions.
Max Bacall, an associate editor for Fox News Digital, reports on media, culture, and comedy.
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