Trump Backs Diesel Export Ban as Prices Hit Record Highs

President Trump has expressed his backing for a potential ban on diesel fuel exports, amid alarming record-high prices at the gas pump. "I've said let's not send out the diesel," Trump stated, as reported by Reuters, during the recent UN General Assembly. This proposal follows Treasury Secretary Scott Bessent's indication that the administration is evaluating the merits of such a ban, which could be either total or partial.

Currently, the average U.S. diesel price stands at $6.5276 per gallon, according to AAA. The concept of restricting diesel exports gained traction earlier this month when Rep. Tim Burchett introduced a bill to this effect. Senator John Thune has also lent support to this proposal. Energy Secretary Chris Wright and Interior Secretary Doug Burgum have raised concerns, deeming the idea counterproductive.

However, the mere consideration of an export ban underscores the severity of the present supply crisis, even for the world's biggest oil producer. Alaska Senator Dan Sullivan highlighted the urgency, urging a temporary halt to American diesel exports to replenish reserves for winter and ensure priority to American and Alaskan families.

With the U.S. leader implicitly endorsing this move, the likelihood of an official ban has increased. Trump had previously attributed the spike in U.S. diesel prices to Ukraine's drone assaults on Russian refineries, urging Ukrainian President Zelensky to cease the attacks to alleviate the price surge. Russia has imposed its own export ban on diesel fuel due to refinery attacks, exacerbating the global shortage as Middle East exports face challenges from the U.S.-Iranian conflict.