Transcript: Gary Cohn on "Face the Nation with Margaret Brennan," June 14, 2026
Summary
Gary Cohn, former top economic adviser to President Trump and current IBM vice chairman, discussed the impact of oil prices on the economy. He said gas prices have dropped from recent highs and could continue to fall as the Strait of Hormuz reopens, but prices of goods like food may take longer to decrease.Key Facts
- Gary Cohn served as President Trump's economic adviser in his first term and is now IBM vice chairman.
- The Strait of Hormuz's reopening timing is unclear, but it will affect oil flow and prices.
- Gas prices have already fallen about 10% from recent peaks.
- When oil supply improves, consumer expectations about prices shift, influencing buying behavior.
- Lower energy prices will eventually reduce costs for goods and services across the economy.
- Retail competition can help bring down prices on essential items over time.
- Fuel inventory levels are low, which could cause price fluctuations in July.
- The Federal Reserve faces challenges related to oil supply and inflation as it considers interest rate changes.
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