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.
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.
Several Republican lawmakers have said they are open to a potential diesel export ban, expressing concern about high prices that squeeze farmers and truckers.
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.
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.
Many experts say such a ban could put a strain on U.S. refining capacity and actually raise the prices of other refined fuel products — especially gasoline.
Trump said a decision would be made “fast.”
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