Trump Wants Diesel Export Ban As Prices Hit Record High

0:28This episode is brought to you by Google Chrome. as the country faces record prices for the fuel used for trucking and agricultural equipment amid the ongoing war with Iran and the Russia-Ukraine war, aligning himself with Republicans largely representing agricultural states hoping to ease prices for farmers. Trump speculated that such restrictions, quote, could have a little bit of an effect on regular automobile gasoline. Trump said he called for an export ban to, quote, his people, and was discussing the idea before throwing the question to Treasury Secretary Scott Besant. Besant said the administration was examining the idea's feasibility, including whether a full or partial ban would work, although the cabinet secretary did not offer further details about when the administration could issue such restrictions.

1:17Proponents of a ban point to an increased domestic supply potentially serving to lower prices, but industry experts are skeptical that the desired outcome would actually happen. As of Tuesday, the national average diesel price in the U.S. reached$6.51 per gallon based on figures provided by GasBuddy. GasBuddy analyst Patrick DeHaan predicted a ban could backfire. In an analysis he previously published about the idea on Monday, DeHaan noted that the U.S. was not facing a diesel shortage and the rising prices largely due to global shortages due to the ongoing wars. An export ban could, quote, cut refinery runs and tighten supplies of other fuels, gasoline included, Dahan also wrote.

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