Trump Admits Diesel U.S. Export Ban Could Raise Gasoline Prices
A potential ban on U.S. diesel exports could have “a negative impact on gasoline,” U.S. President Donald Trump said late on Wednesday, although he didn’t rule out such a move from the Administration. The President told reporters in the Oval Office that he and the Administration continue to discuss the pros and cons of a diesel export ban every day, “but it just seems that it would have a negative…
U.S. President Donald Trump acknowledged on Wednesday that a potential ban on U.S. diesel exports could negatively affect gasoline prices, although he has not ruled out the possibility. The President and the Administration have been discussing the pros and cons of such a ban daily, but Trump suggested that it could have a detrimental effect on gasoline.
Goldman Sachs analysts had previously warned that a U.S. diesel export ban would lead to increased gasoline prices, as refineries might have to reduce processing rates. Retail diesel prices in the United States reached $6 per gallon on average for the first time ever, and then $6.50 a gallon. This jump in crude oil prices, combined with a global fuel shortage, has pushed U.S. gasoline prices to a record high for this time of year, even as demand declines after the end of the peak driving season.
The average price of regular gasoline is now $4.43 per gallon, up from $4.08 a month ago and significantly higher than $3.15 per gallon on this day in 2025. Diesel prices have also reached record highs in various countries due to refinery constraints in the Middle East and Russia. Refineries in the Middle East are facing Iranian strikes, while Russian refineries are struggling to maintain capacity due to Ukrainian drone attacks. Russia has extended its ban on diesel exports until October 31.
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