The present invention discloses a thermoplastic elastomer composition which is comprised of (a) a thermoplastic resin selected from the group consisting of polyolefin resin, polyphenylene ether, and polystyrene, wherein the thermoplastic resin is present at a level of up to 60 parts by weight, (b) 5 to 90 parts by weight of a rubbery elastomer that is comprised of repeat units that are derived from a conjugated diene monomer selected from 1,3-butadiene and isoprene, wherein the repeat units in the rubbery polymer are distributed through the rubbery polymer in an essentially random manner, wherein the rubbery polymer is a solution polymer, and is optionally, at least partially crosslinked, (c) 5 to 90 parts by weight of a highly saturated elastomer selected from the group consisting of styrene-ethylene butylene-styrene, styrene-ethylene propylene-styrene, hydrogenated polybutadiene, hydrogenated polyisoprene, hydrogenated styrene-isoprene random copolymers, hydrogenated styrene-isoprene block copolymers, hydrogenated styrene-butadiene random copolymers, hydrogenated styrene-butadiene block copolymers, hydrogenated styrene-isoprene block copolymers, and hydrogenated styrene-isoprene/butadiene-styrene block copolymer, and (d) 15 to 600 parts by weight of an oil.