The Trump administration has implemented tax cuts and released reserves, making it difficult for oil prices to fall due to geopolitical factors

The US midterm elections are approaching, and the Trump administration is responding to high oil prices by reducing taxes and releasing strategic oil reserves, but the effect is limited by refining capacity and global supply. The price of diesel in the United States rose to $6.52 per gallon in September, while gasoline prices rose from around $3 at the beginning of the year to over $4. Trump allows dyed diesel to hit the road and delays consumption tax, saving up to about 60 cents per gallon. The US strategic petroleum reserve is expected to drop to about 244 million barrels, and Chevron CEO Mike Wirth warns that export restrictions will tighten global supply. Affected by negotiations with Iran and the geopolitical situation, Brent crude oil fell to $102.91 per barrel at one point, while WTI crude oil fell to around $90.40.