Business
Trump backs exploring a US diesel export ban
The Hindu BusinessLine··3d ago
President Donald Trump said on Tuesday he backed the idea of banning diesel exports. Treasury Secretary Scott Bessent said the administration was examining a full or partial ban. US diesel has climbed to a record $6.50 a gallon, while gasoline remains near $4.50 a gallon. Energy Secretary Chris Wright and Interior Secretary Doug Burgum have expressed doubts.
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What It Means For You
- Record diesel prices raise costs for trucking, farming and manufacturing that move goods.
- A Jones Act waiver meant to ease coast-to-coast diesel supply expires on November 15.
- Midterm elections in November are the political backdrop for the export-ban debate.
What's Happening
- Some Republican lawmakers from agricultural states have called for curbing diesel exports.
- Trump can restrict exports temporarily under emergency powers.
- Russia halted diesel shipments in July after Ukrainian drone attacks on its refining sector.
Why Supply Is Tight
- Energy prices have surged since the Iran war began in late February.
- The Middle East and Russia once supplied roughly a fifth of seaborne diesel exports.
- Hormuz disruption and Russian refinery damage have removed a sizeable share of supply.
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