By Ryan Hanrahan
CNBC’s Spencer Kimball reported that “the Trump administration is examining whether a diesel export ban is a feasible way to address record-high prices for the critical fuel, Treasury Secretary Scott Bessent said Tuesday.”
“‘We’re examining whether it’s feasible in terms of the overall refining capacity and whether a full or partial ban would work,’ Bessent told reporters at a bilateral meeting between President Donald Trump and Ukrainian President Volodymyr Zelenskyy at the United Nations,” Kimball reported. “Trump said a decision would be made ‘fast one way or another’ on whether to impose an export ban. The president said he’s called for a diesel export ban ‘within my people.'”
CBS News’ Aimee Picchi reported that “average diesel costs hit a record $6.53 a gallon on Tuesday, up 77% from a year ago, according to AAA data. Diesel is vital across the nation’s agriculture, trucking and construction sectors, with the price surge especially painful for farmers and small businesses.”
“Many of the calls for a diesel export ban are coming from lawmakers in states with agriculture-rich economies,” Picchi reported. “Iowa Republicans Sen. Chuck Grassley and Rep. Ashley Hinson are among those calling for American energy companies to be barred from selling diesel outside of the U.S., arguing that could help lower prices for Americans.”
Source : illinois.edu