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Trump backs diesel export ban; Bessent says admin ‘examining that’
Bessent said the administration is assessing whether a full or partial ban could work as diesel prices hit record highs.
- On Tuesday, President Donald Trump backed a potential diesel export ban at the United Nations, while Treasury Secretary Scott Bessent said the administration is examining whether a full or partial ban is feasible in terms of overall refining capacity.
- Record-High diesel prices of $6.5107 per gallon on Monday prompted the proposal, as wars in Ukraine and Iran have sharply cut exports from major producers like Russia, Saudi Arabia, and the United Arab Emirates.
- Former Congresswoman Marjorie Taylor Greene touted the plan as an America First move, saying "All of our home produced gas and diesel should be for Americans and should be cheap!" while Trump connected it to Ukrainian attacks on Russian refining sites.
- GasBuddy analyst Patrick De Haan warned the move could harm long-term refinery investments, cautioning that "refinery expansions" rather than government control would strengthen America and that a ban would cause "refineries would just shift to jet fuel and it'd lead to more market madness."
- Trump told reporters a decision would come "fast one way or another," saying "I think it's going to happen," as oil markets rallied with West Texas Intermediate crude rising 1.41% to $93.67 and Brent crude gaining 1.68% to $102.03 during Monday's overnight session.
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The price of diesel in the United States recently even rose to a new record high.
·Vienna, Austria
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The consequences of such a move would probably also be felt in Europe: after the Middle East, the US has been the most important supplier of diesel in recent years.
·Vienna, Austria
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NEW: Trump Mulls Diesel Export Ban In Effort To Curb Gas Prices
President Donald Trump told reporters on Tuesday that he has advocated internally for restricting U.S. diesel exports as national average prices surged past a record high. The president was asked about the possibility of such a move while speaking with reporters on the sidelines of the United Nations General Assembly in New York. “I’ve called […]
Coverage Details
Total News Sources72
Leaning Left12Leaning Right22Center29Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 19%
C 46%
R 35%
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