US Energy Secretary Opposes Diesel Export Ban as European Crack Spread Hits Record $95

US Energy Secretary Chris Wright said on September 23, 2026, that banning US diesel exports would backfire by forcing refiners to cut output, raising gasoline and jet fuel prices. His remarks in New York put him at odds with President Trump, who expressed support for the idea a day earlier. The dispute flared as diesel prices hit record highs in the US and Europe. European diesel's premium to Brent crude, the crack spread, exceeded $95 a barrel on September 23, a record in Bloomberg data going back to 2011. The US supplies roughly 1.5 million barrels a day of the 8 million barrels of diesel traded globally by sea, about 20%. An export ban would remove the market's largest single source, exposing Latin America and Northwest Europe and potentially forcing crude runs down by nearly 2 million barrels a day, according to S&P Global Energy. The American Petroleum Institute warned the move could cut US fuel production.