Trump Says He’s ‘Very Seriously’ Looking at Diesel Export Ban
Average U.S. diesel prices were about $6.50 a gallon, and analysts warned an export restriction could lift global prices and hurt consumers.
- President Donald Trump confirmed on Sunday the White House is "thinking about it very seriously" regarding diesel export restrictions, as prices remain near record highs ahead of the midterm elections.
- Politico reported last week the administration is preparing a plan to ban diesel exports for 90 days, though API CEO Mike Sommers warned that "restricting U.S. energy exports would only compound the problem."
- Average diesel prices hovered around $6.50 a gallon on Friday, just below the record high reached on Sept. 22, while Commodity strategists at Morgan Stanley warned of a "feedback loop to gasoline prices."
- Benedict George, head of European product pricing at Argus Media, warned a diesel export ban would send European prices "to a new unprecedented level," though oil traders doubt such a measure will occur.
- Fuel supply disruptions persist as hostilities between Russia and Ukraine strain global oil routes, with Trump having previously urged Ukrainian President Volodymyr Zelenskyy to stop targeting Russian oil refineries, saying attacks are "hurting the world.
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7 Articles
Trump Says He’s ‘Very Seriously’ Looking at Diesel Export Ban
President Donald Trump said he is still looking “very seriously” at implementing a US ban on diesel exports to combat high prices, even as others in his administration continue to focus on other possible steps.
Economist Claudia Sahm warned against a diesel export ban after Trump said he's "very seriously" considering one to ease gas prices.
President Donald Trump said that he was studying very seriously the ban on United States diesel exports to lower prices, at a time when global fuel markets were disturbed by supply disruptions through the Strait of Hormuz and Ukrainian attacks on Russian refineries. On Sunday, he said that the ban on exports could sometimes lead to a slight rise in gasoline prices, adding that his administration might implement the move.
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