Trump backs diesel export ban; Bessent says admin ‘examining that’
Scott Bessent said officials are weighing a full or partial ban as diesel averages more than $6.50 a gallon, according to AAA.
- 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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195 Articles
The Secretary of the United States Treasury, Scott Bessent, stated that the country is analysing the feasibility of this proposal in terms of overall refining capacity and a partial or total ban.
US President Donald Trump has backed the possibility of banning diesel exports from the United States. The measure is intended to increase fuel supply domestically and drive down record prices, according to its proponents. Trump said he had already discussed export restrictions with his associates and the decision is expected to be made soon.
United States President Donald Trump said on Tuesday he supports a ban on diesel exports, as the war in the Middle East has caused prices to skyrocket.
The United States is considering halting diesel exports as fuel prices soar, President Donald Trump said on Tuesday.
U.S. diesel retail prices hit a new high of $6.53 per gallon, prompting Trump to shift his support to banning diesel exports. A ban might stem the losses for farmers and truck drivers ahead of the midterm elections, but the cost could fall on Mexico, Europe, and the U.S. East Coast. The Federal Reserve has already raised interest rates to curb fuel inflation.
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