Trump Backs U.S. Diesel Export Ban as Prices Hit Record $6.53 a Gallon

President Donald Trump said Tuesday he has advocated internally for a ban on U.S. diesel exports, as record fuel prices squeeze farmers and truckers ahead of November's midterm elections. Treasury Secretary Scott Bessent said the administration is assessing whether a full or partial ban is feasible. AAA data showed U.S. diesel averaged a record $6.53 a gallon on Sept. 22, roughly $3 higher than a year earlier, with California at $8.44. Fuel costs have surged amid Ukrainian attacks on Russian refineries and the U.S.-Iran war disrupting global refining capacity and trade routes including the Strait of Hormuz. The American Petroleum Institute warned a ban would backfire, saying the U.S. supplies about 20% of the roughly 8 million barrels of diesel traded globally by sea daily. S&P Global estimated a ban could force U.S. refiners to cut output by nearly 2 million barrels per day, about 12% of total runs.