Trump ready to ban diesel gas exports to lower costs at home – something his own energy secretary says could backfire
President Donald Trump is preparing to institute a 90-day ban on diesel exports in a bid to bring down soaring prices — despite opposition from Energy Secretary Chris Wright and officials and industry insiders, according to a new report.
The prohibition, which would be the first restriction on American energy exports in over a decade, could be announced in the coming days, Politico reported. The hope among administration officials is that, by redirecting diesel bound for Asia or Europe back into the U.S., it could ease prices ahead of the midterm elections.
However, a number of top officials, including Wright and Treasury Secretary Scott Bessent have expressed opposition to the proposal.
“The blunt tool of banning diesel exports definitely doesn’t work because the U.S. exports a lot of diesel,” Wright said during a discussion this week. “We’re the largest diesel exporter in the world, but that same refinery that produces diesel also produces gasoline and jet fuel. So, if you can’t export the diesel that comes out of our refineries when you run out of places to store it, and you have to reduce U.S. refining, which would put upward pressure on gasoline prices and jet fuel prices.”
On Wednesday, the average national price for a gallon of diesel stood at $6.52, up from $3.69 one year ago, according to AAA.
This is a breaking story…
