
Trump says he backs diesel export ban to curb soaring energy costs
But industry trade group says plan would backfire and lead to even higher prices for gasoline
Donald Trump on Tuesday said he backed â the idea of a ban on diesel exports, which some US politicians are calling for â as a way â to curb âÂÂthe soaring cost of energy.
Diesel prices have rallied in Europe and the US to â record highs as wars in Iran and Ukraine sharply cut exports from some of the biggest producers â such as Russia, Saudi Arabia and the United Arab Emirates. A gallon of diesel fuel in the US was $6.53 on Tuesday, the highest average on record and over 75% higher than a year ago.
âÂÂIâÂÂve âÂÂsaid letâÂÂs not send âÂÂout the diesel. âÂÂWe make a lot of diesel ⦠IâÂÂve called for it. âÂÂIâÂÂve called for it within my people,â Trump told reporters ahead of a meeting with the Ukrainian president, Volodymyr Zelenskyy.
The US treasury secretary, Scott Bessent, speaking at the same meeting, said: âÂÂWeâÂÂre examining whether itâÂÂs feasible in terms of the overall refining capacity and whether a full or partial ban would work.âÂÂ
On Sunday, Trump urged Zelenskyy to pause strikes on Russian oil refineries over concerns that they could further push up prices, the Financial Times reported. On social media, Trump wrote that Russia âÂÂunfortunately lost control of its Diesel Oil IndustryâÂÂ.
Some Republican Senate candidates in the most âÂÂcompetitive midterm races called for the administration to implement the export ban to try to alleviate high costs for Americans.
âÂÂIowans are being squeezed and shouldnâÂÂt have to foot the bill at the pump or the checkout line for the war in Iran,â wrote the US representative Ashley Hinson, a Republican who is in a competitive Senate race in Iowa, on X. âÂÂWe need to use every option at our disposal to provide some relief from high prices.âÂÂ
In a statement, the American Fuel and Petrochemical Manufacturers trade group said that an export ban would âÂÂbackfireâÂÂ, noting that domestic refiners would have to reduce production and âÂÂproducing less diesel also means producing less gasolineâÂÂ.
Trump said he and Zelenskiy would â discuss Ukrainian attacks on refining sites in Russia.
âÂÂIt is âÂÂa serious âÂÂhit on the Russians. âÂÂItâÂÂs also a serious hit on the price âÂÂof diesel,â said âÂÂTrump, who âÂÂalso told âÂÂreporters the two leaders would discuss working out a solution to end RussiaâÂÂs war in Ukraine.
âÂÂI think itâÂÂs going to happen,â Trump said, of a potential solution to the war.
Reuters contributed reporting
