Trump speculates on diesel fuel export ban as high prices ripple across US economy
There’s not much diesel fuel lying around, and lots of people want to buy what is available, as well as what little is produced each day. It’s all a matter of supply and demand.
As the cost of diesel fuel surges to record highs, causing a ripple effect across the U.S. economy, President Trump is considering a potential ban on exporting the fuel. Diesel powers a wide range of heavy-duty machinery and vehicles, from long-distance trucks and freight locomotives to boats, farm equipment, and backup generators. The high price of diesel directly increases the cost of essentials like food, transportation, and other energy sources, making it a critical factor in the current economic situation.
The U.S. Energy Information Administration reported that national average diesel prices reached $6.52 per gallon on September 14, 2026, a 23-cent increase from the previous week and nearly $2.78 higher than in the same period last year. This sharp rise is attributed to the disruptions in oil production, refinery output, and petroleum supply chains caused by the ongoing conflicts in the Middle East and Eastern Europe.
The war with Iran and Russia's war with Ukraine has significantly reduced the world's crude oil supply and refinery capacity, leading to a near-complete closure of the Strait of Hormuz and intensified attacks on Russian refineries.
The combination of limited diesel supply and high demand has driven prices up, as the fundamental law of supply and demand dictates. High diesel prices have far-reaching consequences, affecting the trucking industry, food production, retail, farming, public transit, and energy systems. As the costs of diesel increase, so do the expenses of trucking fuel to filling stations, growing expenses for food and retail, and higher costs for farming and harvesting operations.
Public transit also faces higher fuel costs, leading to increased demand as people seek cheaper alternatives. Additionally, diesel-generated power and heating oil are expected to become more expensive during the coming winter.
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