Boosting US oil supplies with Russian diesel unlikely to have much impact on prices, experts say
- On Friday, President Donald Trump announced a deal with Russian President Vladimir Putin to immediately supply the United States with more than 300,000 tons of diesel, followed by 500,000 tons in November.
- Surging fuel costs have ratcheted up inflation, with the United States national average for diesel hitting nearly $6.28 a gallon on Friday, increasing political pressure on Trump and the Republican Party before the Nov 3 midterm elections.
- Energy experts are skeptical, with Michael Lynch of the Energy Policy Research Foundation comparing the deal to 'shuffling deck chairs on the Titanic,' noting that shifting Russian supply leaves existing customers to find other sources.
- Clayton Seigle of the Center for Strategic and International Studies said the deal benefits Russia by offloading summer-grade diesel before winter, but will not materially lower prices in the United States or Europe.
- Daniel Sternoff of the Columbia Center noted that global prices remain elevated because refining capacity in the Middle East is restricted by ongoing disruptions in the Strait of Hormuz, with refined products barely half of prewar levels.
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