Iran Press/ America: He said that the current dip in oil prices is due to a “very short-run thing” and markets will find a new normal, according to Reuters.
“This is a very very short-run disruption,” Hassett said in an interview with Fox News a day after the May futures contract for U.S. oil closed at a negative $37.63 a barrel as traders desperate to avoid owning oil fled the markets.
Hassett also acknowledged that a decline in second-quarter U.S. gross domestic could be the biggest on record.
“It’s a grave economic situation for sure, that we’re looking at one of the biggest shocks that any major economy has ever experienced and a decline in GDP in the second quarter that could end up being the biggest we’ve ever posted because so many things have shut down,” Hassett told Fox.
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