US Energy Secretary Wright says diesel export ban won’t work
Diesel prices have risen to record highs in the US
US Energy Secretary Chris Wright stated on Wednesday that a ban on exporting diesel from the United States would not be effective and could lead to increased prices for gasoline and jet fuel. He made the remarks at an event hosted by The Economist in New York, adding that such a ban could result in the country running out of storage space for diesel, leading to reduced refining output and higher costs for consumers.
Wright emphasized that the administration is exploring voluntary, cooperative measures with the refining industry to increase diesel supplies without resorting to blunt tools that could negatively impact refining capacity. The Trump administration, which supports the idea of lowering fuel prices, has not yet decided on any specific actions.
The diesel price surge is attributed to the US-Israeli conflict with Iran and the ongoing conflict in Ukraine, causing anger among farmers and other diesel users ahead of the midterm elections in November. The administration is under pressure from Republican lawmakers seeking action to address the fuel price crisis as they strive to maintain control of Congress.
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