President Donald Trump said a deal with Russia will bring "massive amounts of oil" and diesel into the United States, and that prices will fall as a result. Speaking to reporters on Thursday, the president confirmed the agreement and thanked Russian President Vladimir Putin for it.
"I think you heard about the oil deal with Russia. That is a big deal. That is massive amounts of oil coming into our country, and I want to thank President Putin, to be honest with you," Trump said. "We have massive amounts of oil being coming into our country, and it's diesel, which is what we want, so thank you."
Earlier in the day, Trump teased a forthcoming announcement on diesel while introducing energy officials. "We have a big announcement coming up on diesel, I think," he said, praising Energy Secretary Christopher Wright. "Best energy man in the country, they say."
The White House amplified the announcement in a post on social media, stating: "Between our TOTAL CONTROL of the Strait of Hormuz, and this great announcement on Russian Energy, Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST! Lower prices for Americans, especially our Great Farmers, Ranchers, and"
Trump also tied the energy news to broader national security successes, referencing the cessation of Iran's nuclear program. "We stopped Iran from having a nuclear weapon. That's the big deal. And the prices will come tumbling," he said. "And it's going to be over soon, one way or the other."
Focus on Diesel
The president emphasized that the incoming oil is diesel, a fuel critical for agriculture and trucking. "We have massive amounts of oil coming into our country — and it's diesel, which is what we want," he said.
He also predicted that the combination of the Strait of Hormuz control and the Russian energy deal would bring down costs rapidly. "It's going to be knocking the hell out of it," Trump said of the diesel situation.
The announcement follows months of global energy market volatility. The White House has not released further details on the timeline or volume of the oil shipments. Trump indicated more information would be forthcoming, saying, "We have a big announcement coming up on diesel."
