Trump Backs Diesel Export Ban Amid Record Fuel Prices, Energy Officials Express Concerns

President Trump voiced support for banning diesel exports to address record fuel prices, a move backed by farm-state lawmakers but questioned by Energy Secretary Chris Wright and Interior Secretary Doug Burgum, who warn it could reduce domestic supply and harm European allies. Treasury Secretary Scott Bessent said the administration is reviewing the feasibility of such a ban. The discussion also touched on Ukrainian strikes on Russian refineries and prospects for ending the Russia-Ukraine conflict.

Rising fuel prices have drawn attention as a factor that could weigh on Republican prospects ahead of the November 3 midterm elections, when the party is seeking to maintain its majorities in both chambers of Congress. The comments came after Republican Senator Chuck Grassley of Iowa took to social media to argue that higher diesel prices were weighing on farm incomes, while Trump's backing of a diesel export ban puts him at odds with his own top energy advisers, who have argued the policy could push up fuel costs along coastal regions and tighten supplies available to European allies. Speaking at an industry gathering last week, Energy Secretary Chris Wright argued that curbing those flows would generate a surplus along the Gulf Coast, prompting domestic refiners to cut back production and thereby tighten gasoline availability, and that erecting barriers to product movement would further compress output and constrain overall supply. Restricting diesel exports could ease near-term fuel prices along the Gulf Coast, though analysts at Wood Mackenzie have noted the move would place added pressure on European markets, where a structural supply shortfall has left the region reliant on transatlantic shipments. Trump also mentioned the effect on diesel prices, and told reporters that he and the other leader intended to pursue a path toward ending the war in Ukraine, expressing his belief that a resolution would be reached.

Trump Backs Diesel Export Ban Amid Record Fuel Prices, Energy Officials Express Concerns

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Trump Backs Diesel Export Ban Amid Record Fuel Prices, Energy Officials Express Concerns

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