President Donald Trump has urged his advisers to back a ban on US diesel exports as record fuel prices increase political pressure ahead of November’s midterm elections, according to a Bloomberg report carried by gCaptain. Treasury Secretary Scott Bessent said officials were assessing whether full or partial restrictions would be workable, taking overall refining capacity into account.
US retail diesel averaged more than $6.50 a gallon this week, a record, while nationwide unleaded petrol prices stood at $4.48 a gallon, the report said, citing AAA. Wars in Iran and Ukraine have driven diesel prices higher. The fuel is particularly important for agricultural machinery in the US heartland and electricity generation in rural Alaska.
Trump discussed the proposal on Tuesday during a meeting with Ukrainian President Volodymyr Zelenskyy on the sidelines of the UN General Assembly. He also said he would raise Ukraine’s attacks on Russian energy infrastructure with Zelenskyy. Washington has repeatedly pressed Kyiv to stop strikes on Russian refineries, which have prompted Moscow to restrict its own fuel shipments, according to the report.
Republican senators Chuck Grassley and Dan Sullivan have advocated export limits, while Senate Majority Leader John Thune has indicated willingness to consider restrictions. Sullivan favours keeping limits in place until the Iran war ends. Within the administration, however, Interior Secretary Doug Burgum and Energy Secretary Chris Wright have cautioned against a ban, with Wright arguing for increased supply rather than reduced foreign sales.
Industry groups and energy analysts warn that retaining more diesel domestically could bring only temporary relief. Additional stocks would initially weigh on prices, but producers and refiners could subsequently reduce output as export outlets disappeared. Wright said storage could fill within two to three weeks, forcing lower refinery throughput and pushing petrol prices higher. Trump acknowledged that restricting diesel exports could also affect petrol.
The regional impact would differ, the report said. Diesel could accumulate along the refining-heavy US Gulf Coast while prices remained elevated in the Northeast because of pipeline constraints and restrictions on domestic coastal shipping. Trump has eased some Jones Act requirements, but decisions are being assessed individually. The American Petroleum Institute and National Ocean Industries Association oppose export curbs, warning of supply-chain disruption and higher consumer costs.