President Trump weighs diesel export ban to lower diesel prices
With energy prices spiking, President Trump is considering a ban on diesel exports. He admits this could make gasoline pricier but hopes it will bring down diesel costs.
The jump in prices is largely driven by a reduction in supply due to the Iran war and interruptions to refining, in part because of Ukraine's attacks on Russian energy facilities: diesel hit a record $6.53 per gallon, and gasoline is up over 40% in a year.
Administration considers voluntary export limits
The administration is looking at other fixes too, like voluntary export limits and expanding tax-free diesel sales.
Energy Secretary Chris Wright pointed out that fewer exports from the Middle East and China are making things worse.
On the bright side, the administration expects announcements soon from Europe about new diesel supplies.