U.S. President Donald Trump is exploring the possibility of restricting diesel fuel exports amid record-high prices in the country. Producers reacted negatively, noting that this could cause chaos in the fuel markets.
According to the publication “NaftoRynok,” citing Argus and Reuters, Trump has ordered an analysis of this initiative amid rising prices and increased shipments of U.S. diesel to the global market. Other Republicans also support this idea and are calling for a temporary export ban.
During a meeting with Ukrainian President Volodymyr Zelenskyy, Trump stated, “I said: let’s not export diesel.” The average retail price of diesel in the U.S. has reached $6.50 per gallon, according to AAA.
In August, the U.S. set a record for diesel exports—1.6 million barrels per day—compared to approximately 1 million barrels in February, before the war in the Middle East began. The main buyers of U.S. diesel were Brazil, Chile, Mexico, and France, among others.
U.S. diesel inventories fell to 96.97 million barrels, which is 13% below the five-year average, despite the fact that U.S. refineries are operating at 97% capacity.
Major industry organizations, such as the American Petroleum Institute (API), have already expressed their dissatisfaction with Trump’s plans. The API emphasized that export restrictions would destabilize markets and could accelerate a global crisis in oil refining.
