US diesel prices have more than doubled from lows about nine months ago as President Trump weighs curbing exports to cool costs at the pump.
The White House is preparing a 90-day ban on diesel shipments, reports Politico, in what would be the first US energy-export curb since 2015, when the Obama administration lifted a long-running crude oil export ban.
The AAA puts the national average near $6.52 a gallon, up sharply from $3.69 a year earlier amid Middle East and Ukraine-linked supply shocks.
Energy Secretary Chris Wright has argued a blunt export ban would not work and could push gasoline and jet-fuel prices higher if refiners cut runs.
“The blunt tool of banning diesel exports definitely doesn’t work because the U.S. exports a lot of diesel. We’re the largest diesel exporter in the world, but that same refinery that produces diesel also produces gasoline and jet fuel. So, if you can’t export the diesel that comes out of our refineries when you run out of places to store it, and you have to reduce US refining, which would put upward pressure on gasoline prices and jet fuel prices.”
A White House spokesperson says the story about Trump weighing in on a 90-day diesel export ban is not true.
“Politico published this Fake News even though the Energy Secretary publicly addressed this earlier today.”
Diesel futures fell about 7% on the ban talk.
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The post Trump Gearing Up for 90-Day Diesel Export Ban – But Energy Secretary Wright Says Idea Would Not Work appeared first on The Daily Hodl.
