US weighing feasibility of diesel export ban after Trump support
US weighing feasibility of diesel export ban after Trump support US Treasury Secretary Scott Bessent has said that the administration was examining whether a ban on diesel exports was feasibile, after US President Donald Trump said he backed such a ban amid a record surge in diesel prices, Reuters reported. Their remarks came as Republican candidates in some of the tightest election races in…
The US Treasury Secretary, Scott Bessent, has revealed that the administration is considering the feasibility of banning diesel exports. This comes after President Donald Trump expressed his support for such a ban amid a significant increase in diesel prices. The remarks were made as Republican candidates in some of the most closely contested races in November also advocated for the measure as a solution to curb record fuel prices.
Diesel prices have soared to record levels in the US and Europe due to the wars in Iran and Ukraine, which have significantly reduced exports from major producers like Russia, Saudi Arabia, and the United Arab Emirates. President Trump indicated his desire to prevent the export of diesel, stating that the country makes a substantial amount of it.
In a meeting with Ukrainian President Volodymyr Zelenskiy, Bessent confirmed that the administration is looking into whether a complete or partial ban would be effective.
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