Experts say an export ban wouldn’t fix high prices at the pump.
The Trump administration is considering banning diesel exports, Treasury Secretary Scott Bessent said Tuesday at a meeting with reporters alongside President Donald Trump and Ukrainian President Volodymyr Zelensky.
Read more Florida governor candidate Byron Donalds removes Trump mentions from campaign website
Trump said he has called for a ban “within my people.”
The idea revolves around preventing U.S. companies from exporting diesel made or refined in the United States to other countries.
“We’re examining that, whether it’s feasible in terms of the overall refining capacity and whether a full or a partial ban would work,” Bessent said.
Fuel prices have been skyrocketing this year, driven by the wars in Iran and in Ukraine. Diesel hit a record high of $6.53 per gallon in the U.S. on Tuesday, according to AAA.
Read more Another U.S. service member dies amid Iran war, Pentagon tally shows
The U.S. is the world’s largest diesel exporter. But because oil is traded and priced globally, experts say a ban could disrupt supply chains and wouldn’t have the intended effect.
Trump said a decision would be made “fast.”
Catch up quickly every weekday morning with a rundown of the 7 most important and interesting stories. Sign up for The 7 newsletter.
Read more U.S. and Iran had ‘very good meeting’ over ongoing war, Trump says
