Why Trump’s Hail Mary on Fuel Prices Fell Short
Foreign Policy · Keith Johnson ·
Appeasing Moscow and punting on Iran haven’t calmed oil markets or voters.
Appeasing Moscow and punting on Iran haven’t calmed oil markets or voters.
U.S. President Donald Trump’s eleventh-hour pivot back toward Moscow in a desperate bid to lower fuel prices ahead of next week’s midterm elections is not going great. But neither is his war on Iran, with oil prices climbing toward $120 a barrel and one U.S. lawmaker describing the administration’s plans for a renewed war on Iran as “insane.”
Three weeks ago, in a telephone call with Russian President Vladimir Putin, Trump made a deal to purchase Russian diesel, which is forbidden under U.S. law. While the measure would have involved risible amounts of additional barrels into a strained global market, it has descended into farce. The three Russian tankers loaded with fuel may not be allowed to dock in U.S. ports. U.S. energy traders are unwilling to chance running afoul of long-standing sanctions against buying Russian energy. And Democratic lawmakers have said that any buyers will face congressional and legal scrutiny.
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