Donald Trump refuses diesel export ban as G-7 readies release
Donald Trump has decided the US won't ban diesel exports, even as global fuel prices keep climbing.
This move follows a new G-7 plan where Europe, North America, and Asia will release up to 100 million barrels from emergency reserves, basically a team effort to help bring down diesel costs that are hitting shipping and farming pretty hard.
Experts warn export ban could backfire
Trump's call is a switch from earlier talks about limiting exports, which prominent Republicans, including Senators Chuck Grassley of Iowa and Dan Sullivan of Alaska, had encouraged export curbs for lowering prices at home.
But experts warned that banning exports could actually backfire by cutting US production and straining ties with allies.
Meanwhile, the International Energy Agency is helping coordinate this global stockpile release, though French President Emmanuel Macron said Friday that supplies are set to be released over the next four months, with an initial focus on diesel.