Trump backs diesel export ban; Bessent says admin ‘examining that’
- 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.
388 Articles
388 Articles
President Donald Trump of the United States has stated that he is carefully studying the idea of a temporary ban on the export of diesel fuel." We are looking very closely at this issue.
Kelly Eckhold discusses increasing cost of fuel
Fuel prices are climbing sharply across New Zealand again, with economists expecting them to keep rising. US President Donald Trump is pushing for a ban on US diesel exports - hoping to bring down diesel prices on home soil ahead of their mid-term elections in November. Westpac Chief Economist Kelly Eckhold spoke to Ingrid Hipkiss.
Trump Administration Weighs Fuel Relief Measures to Combat Record Diesel Prices
The Trump administration is weighing short-term measures like easing fuel regulations, releasing strategic reserves, and boosting domestic production to combat record-high U.S. diesel prices that are straining trucking, farming, and manufacturing. Longer-term ideas focus on infrastructure and efficiency improvements. Market and international factors complicate quick fixes.
The White House has made assurances that the Trump administration will not ban the export of American diesel. Republican Senator Ted Cruz said this to leading figures in the American refining sector, news agency Bloomberg reports, citing insiders familiar with the behind-the-scenes conversation.
The White House has made assurances that the Trump administration will not ban the export of American diesel. Senator Ted Cruz said this to leading figures in the American refining sector, news agency Bloomberg reports, citing insiders familiar with the conversation.
The Trump administration is considering a ban on diesel exports, aimed at controlling domestic fuel prices. The United States is one of the world's largest diesel exporters. A reduction in exports could lead to higher global diesel prices. Countries like Australia could also be affected by this decision.
Coverage Details
Bias Distribution
- 40% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
