Trump Backs Diesel Export Ban as Prices Hit Record Highs

President Donald Trump said Tuesday that he supports banning U.S. diesel exports as nationwide prices reach record highs, and Treasury Secretary Scott Bessent said the administration is examining whether a full or partial ban would be feasible. Trump made the remarks during a bilateral meeting with Ukrainian President Volodymyr Zelenskyy on the sidelines of the United Nations General Assembly. "I've called for it within my people. I've been talking about it," Trump said, adding, "I've said let's not send out the diesel. We make a lot of diesel." He said a decision would be made "fast one way or another." Bessent told reporters the administration is weighing the proposal against overall refining capacity. "We're examining whether it's feasible in terms of the overall refining capacity and whether a full or partial ban would work," Bessent said. The nationwide average price of diesel stood at about $6.52 to $6.53 per gallon on Tuesday, according to AAA, a record high and up from roughly $3.68 to $3.69 a year earlier. Diesel powers trucks, trains, construction equipment and farm machinery, so higher prices feed through to the cost of food and other goods.