Market Flux Event

Trump Backs Diesel Export Ban as Record Prices Pressure Washington

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President Donald Trump said on September 22 that he had called for a ban on U.S. diesel exports, telling reporters he has raised the idea with his team and adding "I've called for that too" when asked about the proposal. Treasury Secretary Scott Bessent said the administration is actively examining whether such a ban is feasible, marking the first time a senior economic official has publicly confirmed the policy is under formal review.

The comments come as diesel has hit record prices and a growing number of Republican lawmakers are pushing for an export ban. Senator Chuck Grassley and Representative Tim Burchett are among those who have publicly demanded action, arguing that high diesel costs are devastating farmers and truckers. Trump also linked the price pressure to the war in Ukraine, saying strikes on refining capacity inside Russia are "a serious hit on the Russians and a serious hit on diesel prices," and that he and Ukrainian President Volodymyr Zelenskiy are working toward a deal to end the conflict.

Despite Trump's comments, a White House official separately told CNN that the administration is not currently considering an export ban or export restrictions, creating an apparent tension between the president's public remarks and the official White House position. Critics including the Institute for Energy Research warn that a ban could ultimately worsen prices by stranding Gulf Coast diesel supplies that pipeline infrastructure cannot easily reroute to other U.S. markets.

© AI-generated summary is provided by Market Flux

Sources

  1. LiveSquawkUS President Trump: Zelenskiy And I Are Figuring Out A Solution To End War - “I Think They're Going To Make A Deal, And I Don't Want To Say What The Deal Is” - Strikes On Refining Capacity Is A Serious Hit On The Russians, A Serious Hit On Diesel Prices
  2. FirstSquawkTRUMP BACKS CALL FOR BAN ON US DIESEL EXPORTS, SAYING ‘I’VE CALLED FOR THAT TOO’
  3. FaststocknewssBESSENT SAYS THE ADMINISTRATION IS EXAMINING A BAN ON US DIESEL EXPORTS Trump, asked about a ban, says "I've called for that too." Trump says strikes inside Russia on refining capacity are "a serious hit on the Russians and a serious hit on diesel prices," and that he and Zelenskiy are figuring out a solution to end the war.
  4. StaunovoPresident Trump says he has called for a ban on diesel exports #oott
  5. AshCryptoBREAKING: 🇺🇸 President Trump says the US just had a very good meeting with Iran. Bullish for markets. 🚀
  6. JavierBlasBREAKING: US President Donald Trump says he had discussed a diesel export ban with his “people.” The discussion comes as a growing number of Republican lawmakers are calling for a ban on diesel exports as the key fuel hits record prices.
  7. BloombergTrump Says He’s Pushed for Fuel Export Ban Amid Price Crunch
  8. AJENewsBREAKING: US President Donald Trump says he and Ukrainian President Volodymyr Zelenskyy are discussing a possible solution to end Russia’s war on Ukraine. 🔴 More on
Show 8 more
  1. CNBCTrump administration is examining whether a diesel export ban is feasible, Treasury Secretary says
  2. ZerohedgeTrump Calls For Diesel Export Ban After 3-Hour 'Very Productive' Iran Talks
  3. MarketWatchTrump endorses diesel export ban. A decision is coming ‘fast, one way or the other.’
  4. WsjTrump Weighs Diesel Export Ban as Fuel Prices Soar
  5. ForbesTrump Wants Diesel Export Ban As Prices Hit Record High
  6. Unusual_WhalesBREAKING: Trump administration is examining whether a diesel export ban is feasible, Treasury Secretary has said
  7. BbcTrump says he would back ban on diesel exports
  8. ThehillTrump backs diesel export ban; Bessent says admin ‘examining that’ #UNGA