Russia’s deal to supply the U.S. with diesel is unlikely to ease pain at the pump, experts say. ‘It’s kind of shuffling deck chairs on the Titanic’
Source: Fortune ·
President Donald Trump announced Friday that he had struck a deal with Russian President Vladimir Putin to immediately supply the U.S. more than 300,000 tons of diesel.
From the source
A new pact that calls for Russia to boost the U.S. supply of diesel over the next few months is unlikely to make a dent in painfully high prices at the pump or elsewhere, energy policy experts say. President Donald Trump announced Friday that he had struck a deal with Russian President Vladimir Putin to immediately supply the U.S. more than 300,000 tons of diesel. That would be followed by an additional 500,000 tons in November, then 4 million more tons at some point after that. The deal marks a stark reversal of policy by the U.S., which from the start of Russia’s war with Ukraine had banned imports of Russian oil, and comes at a time when the U.S. economy and consumers are being squeezed by a global rise in oil prices due to the eight-month-long U.S. war with Iran. The price of diesel has shattered records in recent weeks, ratcheting up inflation for a broad swath of consumer goods. The national average for a gallon of diesel in the U.S. hit a record high of $6.53 on Sept. 22,…