The column says U.S. diesel prices rose about 65%, from $3.76 to $6.38 per gallon, after the war with Iran began on Feb. 28, pushing headline inflation to 3.7% in September from 3.4%. President Trump suspended some U.S. sanctions on Russia to allow diesel exports, which the author sees as an attempt to ease prices before the Nov. 3 midterm elections. The author argues that the U.S. had produced virtually all its domestic diesel before the war, so a deal with Russia will not fix a problem driven by disrupted global supply chains and U.S. exports to allies. The first proposed shipment is 300,000 metric tons (about 2.25 million barrels) this month, though the Russian government has not confirmed the deal.
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