The price of oil has surged after Israel’s deadly airstrikes on Iran, but that’s likely just a “blip” because of the policies that are in place under President Donald Trump, Americans for Tax Reform President Grover Norquist told Newsmax on Saturday.
“Well, it depends how the war goes, I guess, but I think it’s a blip at this point, largely because of all the things that President Trump and the Secretary of Energy have put in place to make energy more available in the United States,” Norquist said on “Wake Up America Weekend.”
Trump’s deregulation plans focus on the full energy zone, not just oil, he added.
“I think we’re going to be in a long-term, much better position on that,” Norquist said. “Of course, if the attack leads to less turmoil, that would be even a bigger factor.”
Market analyst Seth Denson, also on Saturday’s show, said he thinks the oil hike was a “knee-jerk reaction” that is often seen when events such as those in Israel and Iran escalate.
“If you look at the overall energy price on crude, it’s still down 8% over the last 12 months,” he said. “That’s even after the spike yesterday. President Trump has done a great job of setting our infrastructure up and continuing to push for drill, baby drill. We’ve got about 48 billion of our own reserves. So if we play this right and we manage it right, and this doesn’t escalate anymore, I think we’ll be just fine.”
American Civics Exchange CEO Flip Pidot, also in the discussion, said he agrees that the higher pieces are “short-term volatility.”
Meanwhile, Norquist, discussing the effect of tariff negotiations, said he thinks the bilateral agreements will need to be delayed, as “they’re trying to negotiate in too short a time with too many countries to see much movement.”
The most important thing for economic growth, he said, is for the House and Senate to come to an agreement on Trump’s “big beautiful bill,” where Trump’s 2017 tax cuts will be made permanent.
“There will be higher costs because tariffs add to costs, but getting the tax bill made permanent with $1.7 trillion in spending reduction is a serious effort towards getting the economy growing at 3% instead of 1.5%,” said Norquist.
Pidot noted that the prediction markets are saying that the odds are good for tariff deals with India, Mexico and Canada.
“We could see deals done by July, and if not, it doesn’t mean they necessarily go into effect,” he said. “It’s much more about making permanent the tax relief, spending cuts, and regulatory relief. These are much bigger levers on the economy right now than continued uncertainty around these tariffs.”
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