Trump considers US diesel export ban, points to Ukrainian strikes on Russian refineries
US President Donald Trump said he is considering restricting diesel exports as the United States grapples with high fuel prices, while again pointing to Ukrainian strikes on Russian refineries as a major cause of tight global diesel supplies.
“I'm thinking about it,” Trump said when asked whether he had decided to ban diesel exports. He added that administration officials believe such a move could help lower diesel prices but might raise the cost of other petroleum products.
Energy Secretary Chris Wright said the US diesel market had been squeezed by disruptions to supplies from Russia, the Middle East and China. He said US refiners were running at record levels and that additional European supplies were expected to enter the market.
Wright also cautioned that restricting diesel exports could push gasoline prices higher.
Trump later argued that disruptions in Russia were the biggest factor behind the diesel shortage.
“Diesel is really hurt much more, not by the Middle East, but by what's going on in Russia, because those diesel refineries are being knocked out at a pretty alarming rate,” he said. “If that didn't happen, we wouldn't have a diesel problem.”
Trump also said increased oil flows through the Strait of Hormuz could help bring crude prices down.
According to Reuters, US diesel prices have risen about 40% over the past year to $6.53 a gallon.
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