Trump Weighs 90-Day Diesel Export Ban as U.S. Pump Prices Hover Near $6.50
Updated
Updated · CNBC · Sep 28
Trump Weighs 90-Day Diesel Export Ban as U.S. Pump Prices Hover Near $6.50
3 articles · Updated · CNBC · Sep 28
Summary
Trump said Sunday the White House is "thinking about" a diesel export ban very seriously, reviving the prospect of curbs as diesel prices stay near record highs before November's midterm elections.
$6.50-a-gallon average U.S. diesel prices and recent peaks at $6.53 have intensified pressure on the administration, with Trump saying a move could be decided quickly and officials also weighing narrower restrictions.
A 90-day ban plan has been reported under preparation, but the American Petroleum Institute and other industry voices say export curbs would worsen refining strains and ultimately hurt consumers.
Morgan Stanley and Argus warned restrictions might briefly ease U.S. prices while driving global diesel costs sharply higher, especially in Europe, which has relied on the U.S. for about half its diesel imports recently.
Hostilities involving Iran and the Russia-Ukraine war — including attacks on Russian refineries and disrupted trade routes — have turned diesel into the tightest part of the global oil market.