Trump Administration Considers Diesel Export Ban to Lower Record Prices

The Trump administration is evaluating whether banning diesel exports could help lower domestic prices, according to U.S. Treasury Secretary Scott Bessent.

President Donald Trump stated during internal discussions that he supported a diesel export ban, adding that a decision would be made quickly. The average price of diesel in the United States surged to an all-time high of $6.53 per gallon, nearly $3 higher than last year, while prices in California reached $8.44 per gallon.

Fuel prices have spiked due to conflicts in the Persian Gulf and Ukraine that have severely impacted global refining capacity. Republican lawmakers have pushed for the ban to protect farmers and truckers ahead of the midterm congressional elections in November.