U.S. Energy Secretary: Blunt Tool of Banning Diesel Exports Doesn't Work
Industry groups say a 90-day export halt could strand 1.5 million barrels a day and force refiners to cut output.
- Energy Secretary Chris Wright opposed banning American diesel exports on Wednesday, arguing the measure would backfire by increasing gasoline and jet fuel prices, contrasting with President Trump's Tuesday support for the idea.
- Trump's threat comes as Europe grapples with lost Middle East shipments and Russian export curbs, with American exports of the fuel surging to a weekly record near 2 million barrels a day last month.
- Restricting exports could strand roughly 29% of American diesel output, forcing refiners to cut production, while Bloomberg Intelligence estimates Gulf Coast storage could only absorb about three weeks of net diesel exports.
- With supply flows at risk, European diesel's premium to Brent crude jumped to more than $95 a barrel on Wednesday, as Kpler argues there is no real replacement for American volumes, leaving Northwest Europe and Latin America exposed.
- An export ban would remove the single largest source of global diesel, risking catastrophic consequences, as the American Petroleum Institute warned that restricting exports could damage the global economy and potentially drive up American prices.
19 Articles
19 Articles
'We've become dumb!' GOP at war with itself as Big Oil slams Trump's diesel plan
A decades-long alliance between congressional Republicans and the fossil fuel industry is fracturing over a proposed diesel export ban, with farm-state GOP lawmakers and MAGA populists now openly attacking "Big Oil" as skyrocketing fuel prices threaten Republicans' standing heading into November.The...
Chambers of Commerce, Oil Industries, Managing Directors and even members of the government warn Trump: a ban on diesel exports would cause an energy catastrophe, causing prices to rise. US refineries would be forced to slow down, also reducing the production of other fuels and exacerbating deficiencies on the coasts and in the Midwest, far from the main Gulf plants
If the US no longer exports diesel, fuel could be up to 25 percent more expensive, but a ban would also weaken the US oil industry.
Trump’s diesel export threat meets a shrug in fuel-strapped Europe
BRUSSELS — European authorities have downplayed threats that the United States could temporarily ban all exports of U.S. diesel, despite warnings that such a ban would have “very serious” consequences for the continent’s energy supply. On Wednesday POLITICO reported the White House was preparing a 90-day ban on exports of diesel, a move that would blow a huge hole in Europe’s supply of the fuel that’s used in heavy transport and industry. The ba…
The US president is under pressure at home from exploding fuel prices and has threatened to ban all exports of US diesel, of which Europe buys over 500,000 barrels a day. This could have serious consequences, and new US sanctions on Russian gas could also hit the Europeans.
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