Catching up with Fox News at the Presidents Cup finale outside Chicago on Sunday, President Donald Trump said a diesel export ban is very much on the table to ease high prices. He noted such a move "can oftentimes lead to a little bit of an increase on gasoline for cars," before adding, "we're looking at it very seriously - we may do it."
Farm-state lawmakers are pressing for limits during the height of the fall harvest. Their timing follows disruptions to fuel flows through the Strait of Hormuz and Ukrainian strikes on Russian refineries. With global supplies strained, the US has become the world's fallback supplier, and weekly diesel shipments abroad climbed to a record near 2 million barrels per day last month.
National Economic Council Director Kevin Hassett, Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer have been evaluating the fallout from a possible short-term halt to diesel exports over the past week, a sign the idea is under active review. Last week, Energy Secretary Chris Wright said the administration is coordinating with refiners to pursue voluntary export cutbacks as an alternative to an outright ban.
Oil executives and industry groups are urging a different approach: suspend the federal diesel excise tax to ease prices without interfering with exports. That proposal has sparked internal debate over how a waiver would work, particularly since the House of Representatives is in a pre-election recess.
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Diesel runs tractors, freight trains, long-haul trucks and delivery vans. After setting a record last week, the average pump price sits around $6.50 a gallon. If exports were halted, domestic prices would be widely expected to drop in the short term, while buyers abroad - including US allies such as Brazil and the UK - would be left scrambling for supplies. Some companies have already started adding contract language to protect against missed deliveries overseas if shipments are paused, according to people familiar with the preparations.
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