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Boosting US oil supplies with Russian diesel unlikely to have much impact on prices, experts say (apnews.com)

submitted 13 hours ago by CorrectAlias@piefed.blahaj.zone to c/politics@lemmy.world

15 comments fedilink hide all child comments

cross-posted from: https://piefed.blahaj.zone/c/us_politics@piefed.blahaj.zone/p/1020786/boosting-us-oil-supplies-with-russian-diesel-unlikely-to-have-much-impact-on-price

Energy policy experts on Friday expressed doubts that a boost in diesel supply from Russia will have a significant impact on oil prices, whether in the U.S. or globally.

“It’s kind of shuffling deck chairs on the Titanic,” said Michael Lynch, distinguished fellow at Energy Policy Research Foundation, a nonpartisan research institution focused on energy and economics.

“If we get diesel from Russia, basically it means that their existing customers are not going to get it and they’ll have to go somewhere else, and that will keep the price basically where it is now,” Lynch said.

And while the White House may be counting on this move to give some relief at the pump for U.S. truckers, ranchers and farmers who have been hit hard by rising diesel prices, that’s not a given.

“The best you could hope for is a tiny dip in prices locally in places like the New York-New Jersey area, Philadelphia maybe,” Lynch said. “It just means that the oil is just going to be shuffled around and it’s not really going to change the price globally or across the U.S.”