Treasury Secretary Scott Bessent predicted oil prices could fall to between $40 and $50 per barrel once the Iran conflict ends, arguing that abundant supply is poised to hit the market after constraints ease.Bessent asserted that the American economy is "very strong" and even accelerating, saying that the country is experiencing a "productivity burst" during an interview on "My View with Lara Trump."Treasury Secretary Scott Bessent speaks to members of the media outside the White House in Washington, D.C., U.S., on Nov.5, 2025.
(Eric Lee/Bloomberg via Getty Images)"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," he told Fox News host Lara Trump.IRAN WARNS SHIPS OF 'FORCEFUL RESPONSE' AS US-BACKED HORMUZ ROUTE CHALLENGES TEHRAN'S GRIP"So my message is: Underlying economy is very strong.
Job growth is strong.Wage growth is strong."The "energy supply shock" is only temporary, Bessent said, calling the United States an "energy superpower" and a leader in artificial intelligence and global computing power.BESSENT CREDITS TRUMP IMMIGRATION POLICIES WITH HELPING RETURN JOBS TO AMERICANS AS WAGE GAINS RESUME"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," the Treasury chief said.A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005.REUTERS/Raheb Homavandi/File Photo ( )"But what is the good news is that these wage increases are going to keep going.
We've got a manufacturing renaissance, a construction renaissance.So the wages will keep going, this war will end, and those will turn into real wage gains."LIZ PEEK: THE TRUMP ECONOMY IS DOING BETTER THAN THE MEDIA WANT TO ADMITBessent's comments come as tension between Washington, D.C., and Tehran show no sign of cooling following Saturday...