White House economic adviser predicts oil shipments will resume through the Strait of Hormuz within one or two months

(1) White House Chief Economic Adviser Kevin Hassett predicted on Sunday (May 31) that oil transportation through the Strait of Hormuz, which had been disrupted due to the conflict between the U.S., Israel, and Iran, will fully return to normal within "a month or two." He pointed out that there are already positive signs, and the traffic through the strait is "much greater than it was two weeks ago." (2) Hassett stated that as refineries in places such as Pakistan and India, which had suspended operations due to oil shortages, resume production, refined oil prices will subsequently decrease globally. He added that current oil prices are "far lower than many had predicted," partly because people have found ways to adapt, such as a major pipeline in Saudi Arabia that has increased transportation volumes. (3) He further stated that once the strait reopens, gasoline prices will "plummet at an unprecedented speed," and noted that the Gulf region has abundant oil reserves and ample spare capacity as support. Hassett also believes that despite the economic pressures brought by war, Americans remain optimistic about their own economic situations.