President Donald Trump said Friday that Russia will supply millions of tons of diesel to the global market under a deal he struck with President Vladimir Putin.
Russia will immediately supply more than 300,000 tons of diesel, followed by 500,000 tons in November, and 1 million tons immediately thereafter, Trump said in a post on Truth Social. Moscow will then deliver another 3 million tons of diesel based on the condition of Russia’s refineries, Trump said.
Diesel prices have surged around the world as Ukraine has pounded Russian refineries, forcing Moscow to ban diesel exports to the global market. Iran and its Houthi allies have also attacked refineries in the Middle East, further constraining fuel supplies.
Trump is under growing political pressure to take action to reduce fuel prices ahead of the November midterm elections. Republicans are facing competitive elections in conservative strongholds like Iowa where farmers are feeling the pinch from high diesel prices.
But the president has few options to reduce prices given the destruction done to global refining capacity by the wars in Eastern Europe and the Middle East.
Trump flirted with a diesel export ban last month but ultimately relented after the oil industry and big business warned a ban would just raise gasoline prices.
The president issued an executive order earlier this week that allows truckers to use tax-exempt offroad diesel on highways without worrying about federal penalties. But the order only defers the tax obligation, creating confusion about whether truckers may have to pay up at some point.
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