Business
Trump weighs US diesel export ban seriously
The Hindu BusinessLine··2h ago
President Donald Trump said Sunday he is looking very seriously at a US diesel export ban to combat high prices, though it can raise gasoline costs for cars. US retail diesel averaged about $6.50 a gallon last week. Farm-state lawmakers want curbs during harvest as Hormuz disruption and Ukrainian refinery attacks roil global fuel markets.
Prism
What It Means For You
- Diesel powers farm equipment, freight trains, trucks and delivery vans across the United States.
- Oil CEOs have pushed suspending the federal diesel excise tax instead of banning exports.
- Energy Secretary Chris Wright said the administration is working with refiners on voluntary export curbs.
What's Happening
- Trump spoke to Fox News while attending the Presidents Cup golf final near Chicago.
- National Economic Council Director Kevin Hassett, Treasury Secretary Scott Bessent and USTR Jamieson Greer analyzed a potential short-term ban last week.
- US diesel exports surged to a weekly record near 2 million barrels a day last month.
What the Law Says
- A ban would be expected to cut US diesel prices short term while allies such as Brazil and the UK scramble for fuel.
- Some companies are adding contract protections if a pause blocks overseas diesel deliveries.
- The House of Representatives is in a pre-election recess, complicating any diesel tax waiver debate.
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