White House National Economic Council Director Kevin Hassett said Sunday that energy price increases will impact airline industry profits for at least one quarter, following Spirit Airlines' announcement that it would cease operations.

Speaking on CBS's "Face the Nation," Hassett acknowledged that rising fuel costs would "affect the profits for the airlines for a quarter or so." However, he emphasized that airlines remain "very, very healthy right now" despite the expected short-term impact.

While Spirit Airlines cited rising fuel prices as a contributing factor to its financial troubles, Hassett said that "energy shocks don't have a big effect" on other airlines' business operations. The budget carrier announced its decision to shut down operations amid mounting financial pressures.

Hassett also revealed that he was "very involved" in discussions about a potential federal bailout for Spirit Airlines during the Trump administration. However, he said legal teams ultimately ruled out the possibility of providing a lifeline to the struggling carrier.

The comments come as the airline industry faces uncertainty over energy costs amid ongoing geopolitical tensions. Fuel represents one of the largest operating expenses for airlines, typically accounting for 20-30% of total costs.