Energy Secretary Chris Wright said Sunday there are "no guarantees" when gas prices will fall, acknowledging the Strait of Hormuz remains unsafe.
The big picture: Administration officials are adamant the pump price shock will be short-lived pain for a geopolitical gain. But the spike in prices threatens to become a political liability.
If you predicted the U.S. would fall into recession due to the latest headlines, the last few years have made you look dumb. Through interest rate increases, armed conflict in Europe and a trade war, it has proven stunningly resilient.
The big picture: America's economic superpower has been its scale, diversity and adaptability that have allowed it to continue chugging along whenever crises arise.
Now, the Iran war will test again how much the U.S. economy can absorb without a meaningful downturn.
