Trump ‘very seriously’ considering diesel export ban as global supply crunch…
Trump says the White House is still "very seriously" considering a diesel export ban as U.S. fuel prices soar ahead of the November midterm elections.
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Analysts warn an export ban could backfire, pushing
Analysts warn an export ban could backfire, pushing up global diesel prices and potentially triggering higher U.S. gasoline prices as refiners adjust. Europe could be particularly exposed to a U.S. export ban, as Russia and Middle East flows remain disrupted.
U.S. President Donald Trump has suggested the White
U.S. President Donald Trump has suggested the White House is still considering a diesel export ban as he faces mounting political pressure to tackle soaring fuel prices ahead of the midterm elections in November.
"We're thinking about it very seriously," Trump told
"We're thinking about it very seriously," Trump told a Fox News reporter on Sunday, while attending the Presidents Cup golf tournament in Illinois.
"That can oftentimes lead to a little bit
"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," he added.
Trump has previously indicated support for an export
Trump has previously indicated support for an export ban as retail diesel prices have climbed to fresh record highs, saying earlier this month that a decision would be made quickly "one way or another" on whether to implement a ban.
U.S. Energy Secretary Chris Wright has said the
U.S. Energy Secretary Chris Wright has said the White House is considering restrictions rather than an outright ban, while Politico reported last week that the Trump administration was preparing a plan to ban diesel exports for 90 days.
The idea of the world's largest diesel exporter
The idea of the world's largest diesel exporter implementing an outright ban has prompted firm pushback from the U.S. energy industry, while analysts have warned that the move could backfire and exacerbate the global fuel crisis.
Diesel prices have soared amid hostilities between the
Diesel prices have soared amid hostilities between the U.S. and Iran, as well as Russia and Ukraine, with the conflicts disrupting vital oil and fuel trade routes. Average U.S. diesel prices hovered around $6.50 a gallon on Friday, according to AAA, up sharply from a year ago but just below their record high of $6.53 on Sept. 22.
Commodity strategists at Morgan Stanley have said an
Commodity strategists at Morgan Stanley have said an export restriction from the U.S., which has become an important source of marginal diesel supply amid reduced flow from Russia and the Middle East, would likely lower U.S. diesel prices initially — "but with potentially adverse reactions downstream."
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Trump ‘very seriously’ considering diesel export ban as global supply crunch worsens
Trump says the White House is still "very seriously" considering a diesel export ban as U.S.
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Source: CNBC