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Trial Balloon · Ep. 191: Blue Wave Update

Easing Sanctions On Russian Diesel Won’t Lower Fuel Costs

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“Diesel prices in the United States are hovering near record highs — and a deal President Trump announced last week to increase Russian fuel exports is unlikely to lower them significantly anytime soon,” the New York Times reports.

“The amount of diesel Russia could supply under that agreement is much lower than what the country was exporting this time last year and constitutes a small proportion of the diesel supply the world has lost because of Mr. Trump’s war with Iran, energy analysts said. And it is not clear that Russia could even deliver all the fuel the president and Russian officials have promised.”

Trump Announces Oil and Gas Exploration in Greenland

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“President Donald Trump announced Wednesday that ‘massive’ oil, gas and mineral exploration was expected to begin in Greenland,” Fox News reports.

Said Trump: “Massive Oil, Gas, and Mineral Exploration is getting ready to begin in our new and beautiful Greenland!”

CNN: Trump says “massive” oil and gas drilling is about to begin in Greenland.

Trump Says Taiwan to Buy Gas From Alaska

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“President Donald Trump said Taiwan agreed to buy 30% of the gas from a liquefied natural gas pipeline project in Alaska over the next 20 years, touting the initiative ahead of midterm elections,” Bloomberg reports.

“Trump also said Taiwan would invest an additional $4.4 billion to see the project completed. He hailed the commitments, during a campaign stop in the state Tuesday, saying it ‘guarantees the success’ of the project despite doubts about whether the pipeline will ever be constructed.”

“There was no immediate confirmation from Taiwan of Trump’s claims.”

Trump Makes Deal with Putin for Russian Diesel Fuel

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“President Trump announced Friday that the U.S. will buy large amounts of Russian diesel to address surging fuel costs — making a major foreign-policy pivot to ease costs just before the midterm elections,” the New York Post reports.

Said Trump: “I have just concluded a highly successful discussion with President Vladimir Putin, of Russia, wherein it was agreed that Russia will immediately supply over 300,000 Tons of Diesel Fuel to the American and Global Marketplace, another 500,000 Tons during the month of November, and 1,000,000 Tons immediately thereafter.”

NewsNation: Russia will supply U.S. with diesel.

How the Permitting Bill Could Collapse

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“Congress has its best chance in years to pass sweeping permitting legislation, but a series of political and policy obstacles could derail the bipartisan Senate plan,” Axios reports.

“The White House says it supports the bill, but Trump is mercurial, so nothing is final until it’s final.”

“His administration’s willingness — or not — to loosen the screws on wind and solar projects it’s restricting could also sway the lame-duck politics and complicate efforts to win Democratic support.”

Spiking Heating Oil Costs Put Susan Collins On Defensive

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“As the Senate race in Maine heats up, the state is getting cold,” the New York Times reports.

“And for many Maine voters, chilly weather could present a particular challenge this year: New England’s northernmost state is singularly reliant on heating oil, and the price of the product is surging because of President Trump’s war with Iran, which has clogged a vital oil shipping corridor.”

“The issue has started to move to the center of the race between Senator Susan Collins, a vulnerable fifth-term Republican, and her Democratic challenger, Troy Jackson, who has blamed Ms. Collins for the rising fuel oil costs.”

Tanker Attacks Push Deeper Into Gulf

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“An attack on an oil tanker near Qatar, deep inside the Persian Gulf, has raised fears among traders that a surge in strikes on shipping is spreading beyond the Strait of Hormuz, threatening the tanker operations that have helped keep oil flowing despite the conflict,” the Wall Street Journal reports.

Los Angeles Truckers Agonize Over $8 Diesel Prices

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“The economics of trucking are deteriorating fast — and it’s particularly bad in California,” the Los Angeles Times reports.

“Fresno-based Jagroop Singh Deol operates two gas-guzzling rigs. One hauls refrigerated produce from California to the Midwest and brings back pet food, meat and auto parts. He drives another truck himself that transports goods for Amazon.”

“At the start of the year, a full tank of gas cost $1,000. Now, Deol pays over $1,600. His business is bearing the brunt of California’s record diesel costs, which are 32% above the national average.”

Trump Says He’s Considering Gas Tax Suspension

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“President Donald Trump said that he is weighing a potential suspension of the federal gas tax, as his administration looks for ways to ease high energy costs ahead of November’s midterm elections,” Bloomberg reports.

Said Trump: “Well, we’re thinking about that.”

“He did not offer any additional details about how seriously the idea is being considered or any steps to further the proposal in Congress.”

Oil Is Flowing From Hormuz Again—Just Not Diesel

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“Ships are ferrying almost as much crude oil out of the Strait of Hormuz as they were before the Iran war. But they are barely moving any barrels of the fuel the world needs most: diesel,” the Wall Street Journal reports.

“For now, the distinction is paramount in American politics. President Trump’s team has explored a long list of options to arrest the skyrocketing price of diesel fuel, which factors into the cost of groceries, gadgets and just about everything else moved on semitruck beds.”

“The national average for a gallon of diesel hit a record $6.53 late last month. In California, where supplies are increasingly tight and fuel taxes are higher, diesel reached a historic high of $8.44 a gallon.”

Taegan Goddard

Taegan Goddard

Taegan Goddard is the founder of Political Wire -- which for more than two decades has been one of the nation's most influential political news sites.

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