Trump says he would back ban on diesel exports

US President Donald Trump has indicated his support for a ban on American diesel exports, aiming to alleviate high fuel prices for motorists at the pump. This proposal emerged as Republican lawmakers urged the president to restrict diesel exports before the November mid-term elections, amid rising diesel prices hitting record highs in the US.

Speaking at the United Nations General Assembly, Trump suggested that retaining domestic supplies could also help lower overall gasoline prices. He mentioned that he had previously advocated against exporting diesel, stating that it could impact regular automobile gasoline.

Treasury Secretary Scott Bessent confirmed that officials were evaluating the feasibility of a full or partial ban on exports without disrupting refinery operations. The national average diesel price reached $6.50 (£4.87) per gallon on Tuesday, setting a new high, according to the American Automobile Association. The conflict in the Middle East has restricted global oil supplies, placing pressure on pump prices.

The surge in diesel costs has prompted political urgency ahead of the critical mid-term elections on November 3rd. Several Republicans, such as US Representative Ashley Hinson and Senator Dan Sullivan, have called on the administration to limit diesel exports to ease financial strain on voters. In Alaska, Senator Dan Sullivan further urged for a temporary pause in American diesel exports to rebuild domestic reserves.

Global market volatility was exacerbated by Ukraine's targeting of Russian energy facilities, which disrupted the country's refining capacity. Trump noted the significant impact on Russian diesel prices during a meeting with Ukrainian President Volodymyr Zelensky. He indicated that he would discuss the strikes with Zelensky, alongside efforts to negotiate an end to the conflict.

Kyiv has intensified drone attacks on Russian processing plants to curb the Kremlin's main source of war funding. With Russia being a leading diesel supplier, reduced refining capacity, coupled with Moscow's own export bans, has severely strained global reserves. Exporting less diesel could temporarily alleviate pressure on American drivers, but a ban might increase prices globally.

The US exports approximately 1.3 million barrels of diesel daily, which accounts for nearly a quarter of its refining output. Limiting these shipments could strain supplies for Western allies, including the UK and the Netherlands, which have depended on American fuel to cover energy deficits resulting from sanctions on Russian energy.