As the United States grapples with surging diesel prices amid global supply disruptions, President Donald Trump has thrown his support behind the idea of curbing diesel exports. The proposal comes as the average price of diesel in the U.S. has soared to a record $6.53 per gallon, driven by conflicts affecting energy supplies in Iran and Ukraine.
President Trump, speaking before a meeting with Ukrainian President Volodymyr Zelenskyy, emphasized that the U.S. produces substantial quantities of diesel and should consider retaining more of this fuel domestically. Treasury Secretary Scott Bessent confirmed that the administration is exploring the feasibility of a full or partial ban on diesel exports, taking into account the country’s refining capacity.
The rising diesel prices are attributed to disruptions linked to ongoing international conflicts, including Ukrainian strikes on Russian oil refineries. Trump expressed concerns that any further damage to refining infrastructure could exacerbate the situation, pushing diesel prices even higher.
However, the potential move to restrict diesel exports has met with caution from industry groups. The American Fuel and Petrochemical Manufacturers trade group warned that such a restriction could lead U.S. refiners to cut back on production, inadvertently reducing the availability of both diesel and gasoline in the market.
As the administration continues to evaluate the implications of export restrictions, energy costs remain a pressing issue. The debate highlights the complex balance between domestic energy needs and the broader global energy market dynamics.