Trump Has a ‘Sledgehammer’ Way to Slash Diesel Prices. But It Could Boomerang Back on the US
- 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.
77 Articles
77 Articles
MIller-Meeks, Nunn back embargo on US diesel exports
Two Iowa Republicans in competitive races for re-election to the U.S. House say the federal government must take steps to bring down the price of diesel. First District Congresswoman Mariannette Miller-Meeks issued a written statement, saying “farmers are filling combines this week at the highest diesel price this state has ever seen, while oil companies […]
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OKLAHOMA VOICE: Diesel prices shoot upward as top farm-state GOP senator begs Trump for export embargo
WASHINGTON — Diesel prices hit a record average of $6.51 a gallon Monday, and some in President Donald Trump’s own party are breaking their support for the ongoing war in Iran that has driven fuel prices to staggering levels in…
Burgum is Right: Diesel Export Ban Would "Hurt Americans," Raise Prices
In recent weeks, some lawmakers have proposed the idea of a diesel export ban, with Senator Chuck Grassley (R-Iowa) calling for a full embargo. Affordability is a worthy cause that can be achieved through a number of free market reforms. A diesel export ban, however, would make the problem worse. The Trump administration – specifically Energy […]
Donald Trump declared Tuesday in favour of a ban on U.S. diesel exports, while fuel prices rose as a result of the war in the Middle East. ...
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