Trump supports diesel export ban as fuel prices hit records

Diesel prices have reached an all-time high in the US, raising costs for motorists and consumers amid soaring cost of energy. (EPA Images pic)UNITED NATIONS: US president Donald Trump said on Tuesday he backed the idea of a ban on diesel exports, which lawmakers from farm states are calling for as a way to curb the soaring cost of energy.Diesel prices have shot to record highs inthe US and Europe as wars in Iran and Ukraine sharply cut exports from some of the biggest producers such as Russia, Saudi Arabia and the United Arab Emirates."I've said let's not send out the diesel. I've called for it within my people," Trump told reporters ahead of a meeting with Ukrainian president Volodymyr Zelensky.High fuel prices are a vulnerability for Trump in the Nov 3 midterm elections in which his fellow Republicans are trying to maintain majorities in both chambers of Congress.US Treasury secretary Scott Bessent, speaking at the same meeting, said the administration was examining whether such a ban was feasible and whether a full or partial ban would work.The comments come after pressure from Republican US Senator Chuck Grassley of Iowa who said on X last week that "High diesel prices are KILLING FARMERS INCOME."Trump's backing of a diesel export ban puts him at odds with his own top energy officials, who warn it could raise fuel prices on the coasts and tighten supplies for European allies.Energy officials warns of risksEnergy secretary Chris Wright told a Daily Caller event last week that such a ban would lead to a glut of the product in the US Gulf Coast and prompt US refiners to cut production rates, which would quickly reduce gasoline production.

"If you start putting barriers on flows, pretty quickly you will reduce the production, and you'll have less supply. We need more supply, not less supply," Wright said.Doug Burgum, the US Interior secretary, said a ban would be unlikely to lower petroleum prices and could lead to retaliatory measures by energy exporting countries, which states like California rely on for some of their energy.While a diesel export ban could, in theory, temporarily lower prices on the US Gulf Coast, it would tighten supplies further in Europe, which is structurally short on diesel and relies heavily on US exports."That would seem pretty damaging to some key US allies," said Jim Mitchell, direc… US President Donald Trump has said he would back proposals to halt American diesel exports in a bid to ease prices for drivers at the pumps.

His comments come after Republican lawmakers put pressure on the president ahead of November’s mid-term elections to curb exports, as diesel prices soar to record highs in the US. Speaking on the sidelines at the United Nations General Assembly, Trump suggested keeping domestic supplies inside the US could also ease broader petrol prices. I’ve said let’s not send out the diesel.

That could have a little bit of an effect on regular automobile gasoline,” he said . US Treasury Secretary Scott Bessent confirmed officials were assessing “whether a full or partial ban would work” without disrupting refinery capabilities. National average diesel prices surpassed $6.50 (£4.87) a gallon on Tuesday according to American Automobile Association data, a new high.

The conflict in the Middle East has constrained global oil supplies, putting pressure on pump prices. The surge in the cost of diesel has sparked political urgency ahead of crucial mid-term elections on 3 November, with several Republicans pressing the administration to restrict the fuel’s export to ease financial strain on voters. US Representative Ashley Hinson, a Republican running for Senate in Iowa, said on Monday that the state’s consumers were “being squeezed and shouldn’t have to foot the bill at the pump.” In Alaska on Tuesday, Senator Dan Sullivan similarly urged for a “temporary pause of American diesel and exports” to rebuild domestic reserves.

Adding to the global market volatility, Ukraine’s targeting of Russian energy facilities has knocked out the country’s refining capacity. “It is a serious hit on the Russians,” Trump said during a meeting with Ukrainian counterpart Volodymyr Zelensky on Tuesday. “It’s also a serious hit on the price of diesel.” Trump confirmed he would discuss the strikes with the Ukrainian president, alongside broader efforts to negotiate an end to the conflict.