President Donald Trump has expressed support for potentially restricting or banning diesel exports amid soaring diesel prices in the United States. With average prices reaching a record $6.53 per gallon, the administration is exploring measures to keep more diesel fuel within domestic borders.
In a discussion prior to a meeting with Ukrainian President Volodymyr Zelenskyy, Trump emphasized the country’s significant diesel production and the benefits of retaining more fuel for local use. Treasury Secretary Scott Bessent confirmed that the administration is evaluating the feasibility of a full or partial export ban, considering the current refining capacity of U.S. facilities.
The surge in diesel prices has been attributed to disruptions in global fuel supplies, exacerbated by ongoing conflicts in Iran and Ukraine. Trump’s concerns also extend to Ukrainian strikes on Russian oil refineries, which he believes could further impact refining infrastructure and drive up prices.
However, the American Fuel and Petrochemical Manufacturers trade group has cautioned against such export restrictions. They argue that limiting exports could lead U.S. refiners to decrease production, potentially resulting in a reduced supply of both diesel and gasoline, thereby affecting domestic markets adversely.
The administration continues to assess the potential impacts of export restrictions as it navigates the challenge of high energy costs, seeking a balance between domestic fuel supply needs and the broader implications for the energy sector.