White House Weighs 90-Day US Diesel Export Ban as Prices Hit Record High

The White House is preparing a plan to ban US diesel exports for 90 days, Politico reported, citing unnamed sources. President Donald Trump is inclined to move forward with the ban by the end of this week, though the legal process remains unclear. US retail diesel prices have surged to a record above $6.50 a gallon, according to AAA, with wars in Iran and Ukraine driving fuel costs higher. The proposed ban would mark the Trump administration's most sweeping step yet to ease surging fuel costs, as Republicans face pressure ahead of November elections that threaten their control of Congress. Energy industry figures oppose export restrictions, arguing they would provide only short-term price relief before driving costs higher. US diesel futures fell more than 7% on the report before paring losses, while European gasoil futures jumped.