Trump Says He Has Pushed for Diesel Export Ban
Scott Bessent said officials are weighing a full or partial ban as diesel prices hit record highs and Trump says a decision will come fast.
- 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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US President Donald Trump said on Tuesday that he supports the idea of banning diesel exports. Such a movement is defended by American politicians who regard the ban as a way to deal with the explosive cost of energy in the midst of wars in Europe and the Middle East, which have raised fuel prices to record levels. Conflicts in both regions limit the supply of producers such as Russia, Saudi Arabia and the United Arab Emirates.
U.S. President Donald Trump said that he had instructed the administration to consider banning or limiting diesel exports, and the decision would be made soon. "We have enough diesel fuel, but we need to produce a little more conventional petrol to maintain the balance, so I turned to my team," said Trump to the journalists on Tuesday.
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