Diesel's dizzying price climb has the White House weighing a dramatic step: banning exports. Treasury Secretary Scott Bessent said Tuesday the administration is studying whether restricting exports of the fuel could bring down record costs, with a full or partial ban on the table, CNBC reports. Trump told reporters he's pushed for a halt on diesel exports and promised a swift decision "one way or another."
The move is backed by Republicans including Sen. Chuck Grassley, who say farmers and truckers are being hammered ahead of the midterms. Diesel averages $6.53 a gallon nationwide—$8.44 in California—as wars in Eastern Europe and the Middle East disrupt refineries and send global diesel prices soaring well above crude. Before a meeting with Ukrainian President Volodymyr Zelensky, Trump was asked about Ukrainian strikes on Russian refineries, the AP reports. Trump described them as "a serious hit on the Russians, but also a serious hit on the price of diesel."
While the proposal is backed by farm-state Republicans like Grassley, oil-state Republicans aren't as keen, the Hill reports. Sen. John Cornyn of Texas has dismissed the idea as a "gimmick." The American Fuel and Petrochemical Manufacturers trade group warned that an export ban could backfire, the Guardian reports. In a statement, the group said refiners might cut production, and "producing less diesel also means producing less gasoline." Pulling US diesel from global markets, the group said, "would tighten supplies and could increase costs for import-dependent regions like New England, especially as heating oil demand rises as the weather turns colder."
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