President Donald Trump announced Tuesday that he backs the idea of a ban on diesel exports to curb soaring energy costs. The president said he has encouraged his advisers to approve the measure and expects a decision to come fast.
The move comes as diesel prices reach record highs, driven by wars in Iran and Ukraine that have sharply cut exports from large producers including Russia, Saudi Arabia, and the UAE. Republican lawmakers have put pressure on the president to restrict exports to lower costs.
U.S. Treasury Secretary Scott Bessent stated that the administration is examining whether a full or partial ban would be feasible in terms of overall refining capacity.
However, experts and the oil industry suggest that banning U.S. exports would not make the fuel cheaper or fix high prices at the pump.