Trump backs diesel export ban; Bessent says admin ‘examining that’
Trump says his administration is reviewing a diesel export ban as AAA reports the national average has climbed to a record $6.53 a gallon.
- On Saturday, Senator Chuck Grassley urged President Donald Trump to embargo diesel exports, citing record prices reaching $6.51 per gallon on Monday that are straining farmers in his agricultural state.
- Diesel prices have surged 83% so far this year, hitting record highs amid the Trump administration's war against Iran, which has disrupted Middle Eastern energy supplies and compounded inflationary pressure on fuel costs.
- Interior Secretary Doug Burgum told CNBC he is "not at all confident" an export ban would lower prices, while American Petroleum Institute CEO Mike Sommers warned the proposal would "make the problem worse, not better" for consumers.
- The White House confirmed on Monday it is not considering an export ban, though Senate Republicans remain divided on the proposal, with some calling it a "gimmick" that ignores market complexities.
- Energy analysts warn that trapping diesel in the Midwest could cause sharp price spikes on the East and West Coasts, where regions depend on imports; Garrett Golding of the Federal Reserve Bank of Dallas cautioned steep declines in Texas would be "offset by spikes in New York.
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217 Articles
Donald Trump confirmed that he was going to ban the removal of diesel fuel from the United States, the goal being to stop the record increase in domestic prices, he said on September 22 when he met Zelensky in New York on the margins of the United Nations General Assembly.
Trump wants to limit the export of diesel fuel from the US, but manufacturers warn of market chaos.
Trump backs possible US diesel export ban
US President Donald Trump has expressed support for a possible ban on diesel exports as fuel prices continue to rise amid the ongoing conflict in the Middle East. Trump backed the proposed plan on Tuesday while speaking to reporters during a meeting with Ukrainian President, Volodymyr Zelensky, in New York. “I’ve called for that too. I’ve said, […] Trump backs possible US diesel export ban
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