CEO of American Petroleum Institute: ‘There Is No Demand Destruction in the U.S. Right Now; People Are Willing to Pay These Higher Prices at This Point’

TRANSCRIPT:

TAPPER: “But didn‘t he say that he was going to have to raise prices even before — he said the cost of jet fuel doubled even before the war with Iran started?”

SOMMERS: “Well, one of the things that we‘re seeing is that there is no demand destruction in the United States right now. People are willing to pay these higher prices at this point. So, one of the things that he is reflecting is demand is still very high going into the summer months, not just for jet fuel, but for gasoline as well.”