Trump “very seriously” weighs diesel export ban as fuel prices climb

President Donald Trump indicated that he is looking “very seriously” at imposing a US ban on diesel exports to combat high prices, even as other members of his administration continue to focus on alternative measures, according to Bloomberg.

“That can oftentimes lead to a little bit of an increase on gasoline for cars, so we’re looking at it very seriously — we may do it,” Trump noted.

Energy Secretary Chris Wright said last week that the administration was working with oil refiners on a voluntary restriction of exports as an alternative to a government-imposed ban.

Some companies have already begun including protective provisions in their contracts in case a suspension of diesel fuel exports disrupts supplies to foreign buyers, sources told Bloomberg.

Bloomberg notes that, in the short term, US diesel fuel prices would be expected to fall sharply if a ban were imposed. However, such a move would leave US allies, including the United Kingdom, facing the need to urgently seek alternative fuel sources.

By Jeyhun Aghazada