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Trump backs diesel export ban; Bessent says admin ‘examining that’
White House officials are weighing a 90-day pause that could increase domestic diesel supply as prices hit a record $6.53 a gallon, analysts said.
- 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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Trump's Diesel Export Ban Could Backfire Spectacularly, Sending Petrol Prices Higher Before Midterm Elections
Donald Trump's proposed diesel export restrictions could reduce US refinery output, raising petrol and jet fuel prices while tightening supplies in overseas markets before the midterm elections.
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Coverage Details
Total News Sources419
Leaning Left82Leaning Right59Center93Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 35%
C 40%
R 25%
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