
Bessent Blows Trump’s Horn
Sounding a lot like his boss, Treasury Secretary Scott Bessent said on Fox this morning that the Strait of Hormuz is open. He evidently must have forgotten about the attacks by Iran on shipping in the Strait this week, or that we have been firing back to stop the attacks. He also said gasoline prices will be coming down in a day, or two, or a week, which seems a bit optimistic. All this echoes what President Trump has been saying when asked about oil prices and when the Strait of Hormuz will be open to traffic, which he counters by saying it is now open. This is the same Treasury Secretary who just presided over a G20 finance minister summit that proved chaotic. That didn’t stop him from declaring at its conclusion that all 20 ministers, minus China’s, agree with the U.S. approach to trade and tariffs. That’s worth a good guffaw. His comment about the Strait being open follows his prediction at the summit that the passageway will soon be obsolete: “In two years, the Strait of Hormuz will be a worthless piece of water. The oil will be going on pipelines across the land.” By that time,
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