Thune: 'Open to Considering' Diesel Export Ban
Thune said a ban could help ease pressure as the national diesel average reached $6.26 a gallon, according to AAA.
- Senate Majority Leader John Thune is exploring a potential ban on diesel exports to help ease record-high prices driven by international supply constraints from conflicts in the Middle East and Ukraine.
- Conflicts involving Russia, Ukraine, and Iran have pushed oil prices above $100 per barrel, with Brent crude at around $108 and West Texas Intermediate exceeding $105. Russia, responsible for 1 in 9 barrels of global diesel, halted exports after Ukraine targeted refineries.
- As of Tuesday, the national average for diesel reached $6.26 per gallon, following a record $6 per gallon last week. Thune rejected suspending the federal fuel tax, saying it would "create holes" in the Highway Trust Fund.
- Interior Secretary Doug Burgum said on Monday that a ban on fuel exports would be unlikely to lower prices for consumers; the administration has not endorsed such a move. Thune countered that reopening the Strait of Hormuz would be more effective.
- Republicans and The Trump administration face mounting pressure to ease diesel prices ahead of November's midterm elections. In Texas, Democratic nominee James Talarico called on Attorney General Ken Paxton to support suspending the federal diesel tax.
14 Articles
14 Articles
The United States has raised concerns about restricting diesel exports as fuel prices hit new all-time highs. Senate Republican Majority Leader John Thune said Tuesday he is open to discussing an export ban to try to ease pressure on domestic prices, Marketwatch reports.
Thune says he is open to diesel export ban to ease record-high prices
Senate Majority Leader John Thune (R-SD) said he is willing to consider a ban on diesel exports to help ease the run-up in prices caused by supply constraints from the conflicts in the Middle East and Ukraine. “We’ll be looking at any proposal that is a viable solution, but I do think if we have […]
Thune says he is open to diesel export ban
Senate Majority Leader John Thune (R-SD) said he is willing to consider a ban on diesel exports to help ease the run-up in prices caused by supply constraints from the conflicts in the Middle East and Ukraine. “We’ll be looking at any proposal that is a viable solution, but I do think if we have […]
American politicians are prepared to consider the option of banning the export of diesel fuel after its domestic price has set a new record.
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