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Why Trump's efforts to pin high gas prices on Ukraine are politically convenient but economically backward.

Shipping surcharges are surging

Democrats and outgoing Republican Sen. Thom Tillis (N.C.) are telling banks and ports that Congress may investigate imports of Russian diesel after President Trump said the U.S. would import the fuel. In letters to major banks and several U.S. port authorities, the lawmakers wrote that “any importation of Russian diesel into the U.S. raises significant...

House and Senate Democrats vowing to probe President Donald Trump’s deal to import Russian diesel to the US are asking banks and ports to preserve records related to issue, saying they anticipate further Congressional oversight.

Top Democrats poised for powerful roles next year are demanding that major banks and ports preserve any records they have tied to potential imports or other deals involving Russian diesel . Why it matters: Probing President Trump's agreement with Moscow will be a priority if Democrats regain control of either or both chambers of Congress. The new demand shows that inquiries will extend beyond the White House and into C-suites. Driving the news: "[A]ny importation of Russian diesel into the U.S. raises significant legal questions and may be subject to legal action, as well as congressional investigations," a new letter obtained by Axios states. It's signed by Sens. Chris Coons (D-Del.), Elizabeth Warren (D-Mass.), Ron Wyden (D-Ore.), and Sheldon Whitehouse (D-R.I.). They're in line to lead the powerful Foreign Relations, Banking, Finance and Judiciary Committees, respectively, if Democrats regain the Senate. Rep. Greg Meeks (D-N.Y.), who's in line for the Foreign Affairs Committee gavel if House control changes, also signed. It's led by Sen. Jeanne Shaheen (D-N.H.), the top Foreign Relations Democrat who is not seeking reelection. Sen. Thom Tillis (R-N.C.), who is also retiring, signed as well. State of play: The Wall Street recipients of Saturday's letter are J.P. Morgan, Bank of America, Citi, Wells Fargo, Goldman Sachs and Morgan Stanley. The same letter went to port authorities for the ports of Houston, Beaumont, and Corpus Christi, Texas, and New York/New Jersey. Catch up quick: Earlier this month Trump claimed an agreement to bring escalating Russian exports to global and U.S. markets, and the Treasury Department waived sanctions to help enable it. Friction point: The lawmakers and other critics say it runs afoul of a bipartisan 2022 law barring imports of Russian oil, gas, and petroleum products. "The potential arrangement to import Russian diesel also raises significant national security concerns, given that it would finance Russia's brutal and illegal war against Ukraine," the letter states. Yes, but: The Treasury Department has repeatedly claimed the agreement is legal. The big picture: The new letter urges the banks and ports not to enable "purchase, transportation, importation, unloading, storage, financing, or distribution" of Russian diesel in the U.S. It also goes further, urging the parties not to facilitate any transactions for Russian diesel to other markets under the recent sanctions waiver. Zoom in: Citing "anticipation of further congressional oversight," it calls on recipients to preserve a wide range of potential records and communications related to "proposed or actual" transactions. Think contracts, shipping documents, vessel records and plenty more. The demand extends to any communications with suppliers, intermediaries and U.S. government officials. The lawmakers want confirmation by Wednesday that records are being preserved, plus details of any potential or actual Russian diesel transition. What we're watching: It's unclear how much Russian diesel, if any, will reach U.S. shores. Reports Friday in S&P Global , Reuters and elsewhere identify a tanker that initially signaled a New York destination, while the shipping intelligence firm TankerTrackers on Friday said three tankers had signaled U.S. destinations. But ships' planned destinations frequently change for one reason or another. Sign up here for Axios' Future of Energy newsletter.

Record diesel prices are kicking Western ranchers while they're down. Drought means they have to buy extra hay, and pay truckers extra to deliver it because of fuel price hikes.

The first Russian diesel tanker headed to New York carries 40,000 tons, but a retired general says that only covers a couple hours of U.S. demand.

The Trump administration’s $8 billion relief program for farmers is throwing a lifeline to the industry, but producers are still facing lower margins due to high diesel prices amid the Iran war — and experts say the move might only buy time for solving deeper challenges. Through the initiative announced earlier this week, farmers will...

It's been more than a decade since Iowa has had a Democratic governor or senator. But this year, with the incumbents retiring, both races are competitive. As Peter Tubbs at Iowa PBS reports, record-high diesel prices have hit the state's agriculture industry particularly hard and could influence the midterm elections.

{beacon} Energy & Environment Energy & Environment The Big Story Trump uses DPA to give $150M for gas and diesel President Trump invoked the Defense Production Act on Thursday night, announcing that the government would be spending $150 million toward boosting domestic gas and diesel production as the White House looks to ease consumer...

‘Refineries are national security and economic assets’

‘Further shipments will continue at a steady pace from here on’

A first tanker carrying Russian diesel to the United States under a new import agreement has set sail, the Kremlin said Friday, two weeks after President Donald Trump said he struck a deal with President Vladimir Putin despite Moscow's invasion of Ukraine.

The Kremlin says that a first tanker carrying Russian diesel to the United States has set sail under a new import agreement

The quickest and most affordable response to historically high diesel prices is also the simplest: Use less of it. Why it matters: Diesel is so entrenched in farming, trucking and other industries that even soaring prices aren't enough — at least not yet — to prompt a wholesale shift to alternatives from electric semi trucks to manure-powered tractors. Catch up fast: Diesel prices have climbed to record highs since the U.S. war with Iran began in March, rising faster than gasoline amid global oil supply disruptions . Diesel averaged $6.31 a gallon Thursday, up 74% from a year ago, according to AAA . Regular gasoline averaged $4.27, up 39%. The big picture: Gasoline gets the attention, but diesel is the workhorse of the American economy. It powers grocery trucks, tractors, freight trains, construction equipment, hospital backup generators and even school buses . Driving the news: The price spike is hitting farmers during the fall harvest. "Farmers buy diesel by the truckload, so we're talking about hundreds of thousands of dollars in diesel, and when it goes up the way it has spiked, that's the difference between profit and loss in a year," said Curt Blades, senior vice president at the Association of Equipment Manufacturers, a trade group representing tractor makers and other heavy-equipment manufacturers. The financial pain varies: Trucking companies can often pass higher fuel costs to customers through surcharges. Farmers, who have little control over crop prices, generally can't. The economic pressure has become political ahead of the midterm elections. President Trump announced $8 billion in one-time aid for farmers at a campaign rally in Kansas on Monday, where Republicans face a competitive Senate race. "It's a bit too soon to tell the impact," Blades said of the aid package, though he welcomed support during harvest. State of play: Trucking and agricultural equipment experts say the most immediate savings come from using existing diesel engines more efficiently. Truckers can slow down and reduce idling. Farmers are increasingly using GPS-guided tractors to avoid covering the same ground twice, a practice known as precision agriculture. Biodiesel and renewable diesel can reduce petroleum dependence without replacing existing engines, but government blending requirements — rather than high diesel prices alone — are driving growth, according to Clean Fuels Alliance America, an industry trade group. Zoom in: Batteries that power truck drivers' sleeping quarters without idling the engine are gaining traction. Nevada-based Dragonfly Energy sells systems that recharge through the truck's diesel-powered engine while driving, then power air conditioning and other appliances while parked. The company projected a 160% increase in third-quarter trucking revenue, a bright spot amid otherwise sluggish financial performance. Texas-based Stevens Transport says 400 of its trucks use Dragonfly's batteries, cutting diesel consumption by about 4% compared with trucks using smaller diesel engines to power their sleeping quarters. The approach illustrates a fundamental tension in energy transitions: Does technology incrementally change an industry or revolutionize it? "We haven't even mastered leaving the truck off when it's not moving, let alone moving it with electricity," said Wade Seaburg, Dragonfly's chief commercial officer. "Let's master the little things first, and that's been a well-received message." "Think evolutionary rather than revolutionary," said Mike Roeth, executive director of the North American Council for Freight Efficiency, a nonprofit researching fuel-saving trucking technologies. Zoom out: The same logic applies across diesel-dependent industries. Expensive equipment lasts for years, and switching fuels often requires new infrastructure and vehicles. "The fact diesel fuel prices are higher matters in the calculations, but it doesn't make the challenges of these alternatives any easier," Roeth said. Yes, but: More dramatic changes are still percolating, particularly in electric trucking . Forum Mobility, which builds shared charging depots and leases electric trucks, says electric trucks have a roughly 40% fueling cost advantage over diesel in California, where diesel prices have topped $8 a gallon. The company has commitments from 25 carriers for 330 Tesla Semis and is building four additional charging depots in California. Meanwhile, on the farm, equipment maker New Holland has spent more than a decade bringing methane-powered tractors to market, including ones that can run on fuel made from livestock manure, after abandoning an expensive hydrogen tractor project. "The increase in diesel prices has generated a little more interest," said Sean Dorosz, a product marketing manager at New Holland. But "I don't think it's going to be the one thing that makes them write a check to buy a methane tractor." Access to manure-derived fuel and state incentives also shape the economics. The bottom line: High diesel prices are strengthening the case for alternatives. Making them practical is a much slower process.

Aaron Lehman, president of the Iowa Farmers Union and fifth-generation farmer in Polk County, Iowa, says both diesel prices and tariffs have been devastating for farmers. Lehman says farmers have not felt that an Iowa voice has been standing up for them in Washington and says that while farmers need relief, temporary measures do not address the underlying causes of their financial strain. Lehman says agriculture has a monopoly problem that leaves farmers especially vulnerable when fertilizer supplies are disrupted. Lehman says he finds President Donald Trump's deal with Russian President Vladimir Putin to try to lower diesel costs disturbing. He speaks with Kailey Leinz and Joe Mathieu on Bloomberg’s "Balance of Power." (Source: Bloomberg)

Celinda Lake, founder of Lake Research and a Democratic pollster whose firm has done polling for Abdul El-Sayed’s Senate campaign, says Republicans are in deep trouble, but Democrats have a lot to prove. Lake says Republicans are in trouble with farmers as diesel prices remain elevated and trade policy is hurting farmers. Lake says Democrats are short of money, but sees potential for surprises in races around the country. She speaks with Kailey Leinz and Joe Mathieu on Bloomberg’s "Balance of Power." (Source: Bloomberg)

Czech President Petr Pavel on Tuesday said President Trump's diesel deal with Russia derailed peace talks between the Kremlin and Ukraine, saying both sides were "so close" to a ceasefire. "It will be much harder now," Pavel told the Axel Springer Global Reporters Network, which includes Politico. "Russia uses this momentum to get out of...

‘Cannot replace the refining capacity we’ve lost’

French President Emmanuel Macron returned from his visit to the Gulf states this week triumphant, having secured a deal that would provide his country with an additional 200,000 metric tons of diesel per month. But the timing of his trip — right in the middle of violent and destructive riots that have thrust France into […]

“For the farmers here in the state, the diesel going up is a bad deal for them; they're barely getting by," says one voter.

Sen. Roger Marshall (R-Kan.) on Wednesday blamed the war in Ukraine for high diesel prices, with energy costs as a key concern in the rapidly approaching midterms. “The real problem with the cost of diesel, in particular, is No. 1, is the Ukraine war, and because of that, diesel production has gone down. But beyond...

Democrats believe circumstances have aligned for them to win a slew of competitive elections in the state How will Trump’s mass deportation agenda shape the US midterm elections? Our reporters answer your questions Mary Peltola’s campaign to represent Alaska in the US Senate has taken her to parts of the massive state’s interior that are inaccessible by road and on the frontlines of the cost-of-living crisis she hopes will make her the first Democrat to win the seat in nearly two decades. She has been to towns where paper towels retail for $40, a half gallon of oat milk goes for $21 and the cost of a new freezer can be quadruple what it is in the state’s largest city, Anchorage, simply because it’s so complicated to get there. Along the Arctic Ocean, she’s heard of communities where power bills have climbed to $1,500 a month because they rely on generators for power and the Iran war has pushed the cost of diesel to new heights . Continue reading...

Truckers in Italy continued to block roads in the country’s south on Thursday, with fishing fleets in the port of Ancona also idled to protest high diesel prices.

The Trump administration’s policies could cost Republicans in a state that is being hit hard by expensive diesel prices and uncertainty over trade.