U.S. diesel futures rose 5% by midday Tuesday, Oct. 13, to their highest in weeks, as doubts mounted that the deal would bring prices down, per NBC News.
Twelve senators sent Donald Trump a letter on Tuesday, Oct. 13, demanding he rescind the deal that lifted U.S. sanctions on Russian diesel. They called it "a gift to our adversary and a betrayal of our Allies."
The signers. Richard Blumenthal (Sen-D Connecticut) led the letter. The six Republicans are Thom Tillis (Sen-R North Carolina), Susan Collins (Sen-R Maine), Lisa Murkowski (Sen-R Alaska), Mitch McConnell (Sen-R Kentucky), John Cornyn (Sen-R Texas) and Alan Armstrong (Sen-R Oklahoma).
The law. Tillis and Lloyd Doggett (Rep-D Texas) say the waiver breaks the 2022 Ending Importation of Russian Oil Act, the law that banned Russian oil imports after the invasion of Ukraine. Doggett sponsored it and says Trump is "directly violating that law."
Trump's answer. He now says: "It's not a deal with me. It's a deal for the world. That's not a USA deal." ([TS]Treasury's own license lets Russian diesel be imported into the U.S. until April 7, 2027.)
The supply. Trump promised 300,000 tons of Russian diesel at once and 500,000 tons in November. Analysts put the best case at less than two weeks of U.S. diesel demand.
Catch up
- Sept. 15 — Trump announced a Russia-Ukraine energy truce; Kyiv called it conditional.
- Sept. 16–19 — Congress passed and Trump signed a law allowing steep tariffs on countries that buy Russian oil; the House vote was 262-159.
- Sept. 21–23 — Trump pressed Ukraine to stop hitting Russian refineries, citing diesel prices; Zelensky proposed a mutual halt on energy strikes.
- Oct. 4 — Putin added a sale of Lukoil's foreign oil assets to peace talks; buyers include business partners of envoys Witkoff and Kushner.
- Oct. 10 — Treasury lifted sanctions on Russian diesel until April 7, 2027, after Trump said Russia would send diesel to the U.S.
- Oct. 11 — Russian glide bombs killed 20 in Zaporizhzhia; Putin told Trump talks would not resume soon.
- Oct. 12 — Four Republican senators joined Democrats demanding a reversal; Thomas Massie (Rep-R Kentucky) backed the deal. AAA put diesel at $6.27 a gallon, against $3.67 a year earlier.
- ClearView Energy's Kevin Book estimates 5 to 20 cents a gallon of pump relief by the end of 2026, per Bloomberg.
25 earlier issues
- CIA chief Ratcliffe makes rare Moscow visit
- CIA chief reportedly warned Moscow against a limited Russian attack on NATO
- CIA chief secretly met Russian intelligence officials in Moscow
- UpdateCIA chief told Moscow to end the Ukraine war before Russia’s military and economy worsen
- Russian drone hits ammunition depot near Kyiv, killing 38; four remain missing
- Russia's finance minister returned to the G20 in person for the first time since the Ukraine invasion
- Witkoff and Kushner meet Putin in Moscow Sept. 5, Zelensky in Kyiv Sept. 6, carrying a U.S. proposal to end the war
- UpdatePutin orders 72-hour halt to strikes on Kyiv while Witkoff and Kushner visit, after a three-hour Kremlin meeting
- UpdateWitkoff and Kushner hold first Kyiv talks of the war, agreeing on next steps but no terms; announcement promised in weeks
- UpdateWitkoff says Moscow-Kyiv trip produced 'substantive progress' on scheduling more talks, with no date set and no terms disclosed
- UpdateRussia resumed strikes on Kyiv after the truce, killing 7; Trump and Putin then talked for an hour
- UpdateTrump says Russia's president wants a Ukraine peace deal after their phone call
- House schedules vote next week on authorizing 100% tariffs on Russian oil buyers
- UpdateVladimir Putin warned that sending European troops into Ukraine means war with Russia.
- Trump announced a Russia-Ukraine energy truce Kyiv calls conditional
- UpdateThe House voted 214-211 to advance 100% tariffs on buyers of Russian oil
- UpdateCongress sends Trump a bill letting him impose 100% tariffs on countries that buy Russian oil
- UpdateTrump signs the bill authorizing 100% tariffs on buyers of Russian oil
- Trump and Zelensky agree to New York talks, expected Sept. 22
- UpdateZelensky asks Trump for a mutual halt on energy and port strikes
- Zelensky (President, Ukraine) urges countries to limit trade with Russia to cut war funding
- UpdatePutin added a sale of Lukoil's foreign oil assets to US-Russia Ukraine talks; the buyers include Witkoff and Kushner business partners
- UpdateTreasury lifts U.S. sanctions on Russian diesel until April 7, 2027, after Trump says Russia will send 4.8 million tons
- UpdateRussian glide bombs kill 20 in Zaporizhzhia a day after the U.S. suspended Russian diesel sanctions; Putin tells Trump talks won't resume soon
- UpdateFour Republican senators join Democrats in demanding Trump reverse his Russian diesel deal, saying he skipped steps the law requires