NEC Director Hassett says coordinated oil reserve release could go up if needed; Iran conflict is going to be over in the short run, has a plan for every quarter of the disruption

• Conflict will be over in weeks, not months.
• Futures show oil gets back to USD 50s later in the year.
• There is no way that Trump is going to back down, will see it through to the end.
• Iran will not hurt the world again once the US mission is complete.
• The US is seeing some signs that Asian companies are pulling back on some of their supply of refined products to the west coast of America.
• Closely studying the issue of getting fuel to the west coast.
• If problem goes away, that would help China too; US and China objectives are aligned in wanting a stable oil market.
• When war is over, he is sure that Trump and Xi will get together.
• As a base case, war will be done within 4-6 weeks; but US is ahead of schedule.

Fertilizer

• Plans include fertilizer and getting fuel to the West Coast.
• It is planting season, fertilizers are important. Have been finding other sources for fertilizer.
• Worked with Venezuela and Morocco for fertilizers. 

Economy

• US economy is still fundamentally strong.
• Iran is not hurting the US economy.
• Economy is sound.
• If war were to continue it would not impact the economy much.
• Would have to think about the consumers if war lengthens.