Republican Diesel Export Ban Calls Grow as US Prices Top $6.50/Gallon Ahead of Midterms

A growing number of Republican lawmakers are urging a ban on diesel exports as US retail diesel prices surpassed $6.50 a gallon for the first time, pressuring farmers and truckers less than two months before the November midterms. Alaska Senator Dan Sullivan, one of the GOP's most endangered incumbents, backed the measure on Sept. 22, saying it should remain in place until the Iran war is resolved. Senator Chuck Grassley urged President Donald Trump over the weekend to block exports. Michigan's Mike Rogers and Iowa's Ashley Hinson have also embraced the idea; Senate Majority Leader John Thune said he was open to exploring it. Rising prices have lifted refiners — Valero, Marathon Petroleum and Phillips 66 each posted quarterly earnings per share nearly quadruple year-over-year. Jefferies downgraded Valero and Marathon to hold from buy on Sept. 22 on export-ban risk.