President Donald Trump 's diesel deal with Russia is unlikely to significantly reduce fuel prices for truckers and farmers, because the amount that Moscow will supposedly export is very small compared with U.S. and global demand. Since diesel is used to transport a broad range of goods as well as to harvest crops, its rising cost tends to trickle throughout the economy, boosting prices. As the U.S. midterm elections approach in November, Trump faces pressure to address fuel prices due to its impact on inflation. Russia will supply 300,000 metric tons immediately to the global market, Trump said Friday in his Truth Social post. One metric ton of diesel is equivalent to about 7.45 barrels, according to S&P Global Platts .
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