Trump wants to cut fuel costs ahead of the midterms. Will it work?
Prices for petrol and diesel have more than doubled since the US-Israel confrontation with Iran began in February, with transport industries, farmers and anyone driving a vehicle in America feeling the pinch.
Calls are mounting to do more to bring down fuel prices ahead of the crucial midterms, and US President Donald Trump has made several comments and announcements aimed at lowering costs.
Just weeks before Americans head to the polls, Trump announced on Friday a deal with Russian President Vladimir Putin to instantly unleash Russian diesel to the US and worldwide markets.
This covered the immediate delivery of over 300,000 tonnes, 500,000 tonnes in November and a further million tonnes immediately thereafter, he said.
This means diesel prices in the US and around the world will be COMING DOWN, IN RECORD NUMBERS, AND FAST he said.
It is my Greatest Priority to have lower prices for Americans, especially our great farmers, ranchers, and Truckers.
A further 3m tonnes of Russian diesel will be delivered “within a short period” after that, he added, depending on the health of its refineries. The election is being held amid public concern over rising costs for fuel, food, and other items. Voters have connected the issue to Trump and his party, weighing down Republicans competing in November.
Polls demonstrate that most Americans disagree with Trump’s economic and Iranian war policy, which has led to high diesel and petrol prices in the US.
The crisis in the Middle East has effectively closed the Strait of Hormuz to the normal flow of oil and refined goods for months, constraining global oil supply since then.
Crude oil flows are practically back to pre-war levels, but prices remain above $100 a barrel, and sustained high oil prices have had a knock-on effect on diesel and petrol.
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