“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.
Key Fuel Savings Measure Touted by Trump Is Fraying
“Cargoes of American-made fuel and crude to parts of the country that badly need them have dropped in recent weeks after the White House pared back a waiver of longstanding shipping requirements, raising the risk of even higher pump prices while frustrating oil traders,” Bloomberg reports.
Los Angeles Truckers Agonize Over $8 Diesel Prices
“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
“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
“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.”
Energy Prices Drive Key Senate and House Races
“Scratch the surface of the year’s biggest stories — the Iran war and AI — and both are bound up in the costs of energy,” Axios reports.
“Prices for gasoline, diesel and power are playing a prominent role in some of the tightest races for control of Congress.”
Trump Eyes Easing Access to Tax-Exempt Diesel
“President Trump is reportedly poised to suspend restrictions on a type of diesel fuel that is currently exempt from taxes in a move intended to deliver temporary pricing relief,” Axios reports.
New Attacks Imperil Hormuz Oil Shipments
“A new wave of attacks on vessels around the Strait of Hormuz is threatening a recovery in Middle Eastern oil exports—just as Gulf producers have pushed crude shipments back toward prewar levels,” the Wall Street Journal reports.
Trump Tells South Korea to Join Alaska Deal or Pay More
“President Donald Trump said he ‘didn’t jump the gun’ in announcing South Korea’s participation in a $50 billion Alaska LNG project, warning Seoul could pay ‘double’ if it does not sign on soon,” CNBC reports.
“His remarks come amid a discrepancy between Washington and Seoul over South Korea’s planned energy and infrastructure investments in the U.S. with Trump announcing projects that Seoul has said are not yet finalized.”
Gas, Diesel and Electricity Prices Are Squeezing Voters
“Gas prices are up. Electricity bills, too. And diesel prices recently hit record highs. With less than a month until the midterm elections, Americans are facing a multifront squeeze from rising energy prices,” the Wall Street Journal reports.
“A large portion of higher costs have been driven by the U.S. war with Iran. Many voters say energy prices are top of mind as they head to the ballot box in November.”
“Diesel prices are a particular concern for Republicans. Both trucking and agriculture heavily rely on diesel fuel for their operations. When diesel prices rise, the cost of goods and foods delivered and cultivated by diesel-reliant vehicles increase as well, affecting American consumers. A global fuels crunch sent diesel prices surging to record levels in recent weeks. As of Saturday, diesel prices were $6.36 a gallon, up from $3.70 a year ago, according to AAA.”
Energy Secretary Says Trump Knew Gas Prices Would Rise
“Energy Secretary Chris Wright said Sunday that President Trump was ‘well aware of the risks to energy flows’ before launching the war in Iran earlier this year, but argued ‘the world cannot sustain a nuclear-armed Iran,'” CBS News reports.
Said Wright: “He knew it was going to elevate energy prices in the short run, he said, ‘I’m going to take a hit there, but I got to do the right thing.'”
G7 to Release ‘Substantial’ Amount of Diesel
“The Group of Seven nations has agreed to release up to 100 million barrels of crude oil and diesel from their strategic reserves to help bring down prices,” NewsNation reports.
States Look to Cut Fuel Prices
“Governors and state lawmakers in both parties are taking steps to address high fuel prices as voter frustration grows and the White House struggles to blunt the Iran war’s impact on energy prices,” Politico reports.
“In Ohio, lawmakers could take up a bill as soon as Wednesday to suspend the state’s gasoline tax, joining Georgia, California, Texas and other states that have cut their levies or proposed other solutions — even if those efforts could sap state transportation funding.”
Texas Governor Declares Emergency on Fuel Prices
“Texas Gov. Greg Abbott (R) declared a statewide disaster Monday to address high fuel prices, allowing expanded use of dyed diesel, raising the allowable weight for certain truck loads, and suspending some federal diesel emission rules,” the Washington Post reports.
“Dyed diesel is normally restricted to off-road farm and construction equipment and is exempt from federal and state taxes.”
Trump Claims New Fuel Economy Rules Will Cut Car Prices
“The Trump administration unveiled new rules Monday rolling back the nation’s fuel economy standards, touting the move as a money-saving measure for American auto buyers struggling with affordability,” the Washington Post reports.
“Analysts were doubtful that car shoppers should expect $1,300 price cuts from the new regulations — and any savings would be hard to notice, with average new vehicle prices currently hovering around $50,000.”
Trump Is ‘Very Seriously’ Looking at Diesel Export Ban
“President Donald Trump said he is still looking ‘very seriously’ at implementing a U.S. ban on diesel exports to combat high prices, even as others in his administration continue to focus on other possible steps,” Bloomberg reports.
Said Trump: “That can oftentimes lead to a little bit of an increase on gasoline for cars, so we’re looking at it very seriously — we may do it.”
Semafor: Oil prices rise as hope for a U.S.-Iran truce fades.
U.S. Pressure Is Awakening an Energy Giant in Canada
“Canada wants to become an energy superpower. If it has the will, there is a way,” the Wall Street Journal reports.
“The country is the world’s fourth-largest oil producer and fifth-largest natural-gas producer. The oil-and-gas sector represents about a fifth of the country’s exports, making it the largest contributor, according to Statistics Canada. But it sends nearly all of its natural-gas exports and about 90% of crude-oil exports to the U.S. limiting its global influence.”
“President Trump’s trade war and the Iran conflict have ignited Canada’s ambition to diversify its energy exports.”
Bonus Quote of the Day
“Don’t develop your oil and gas, just buy it from us, well, that’s great for them and terrible for us. The same is true on data centers. If they can convince Americans, ‘You don’t want data centers here, you want to just rely on the Chinese for AI,’ that’s great for China, and it’s terrible for America.”
— Sen. Ted Cruz (R-TX), quoted by Fox News.
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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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