Diesel fuel prices in the United States hit a record high of $6.53 a gallon on Tuesday, according to data from AAA. In response to the surge, President Donald Trump announced plans on Wednesday to support a prohibition on U.S. diesel exports, arguing that retaining the fuel domestically would help reduce overall gasoline costs.
Speaking to reporters on the sidelines of the United Nations General Assembly in New York, Trump stated, “I’ve said let’s not send out the diesel.” He indicated that his administration would issue a decision on the matter “fast, one way or the other.”
However, market analysts caution that such a ban could produce results contrary to the administration’s goals. Experts suggest that restricting exports would likely lead to the exact opposite effect, potentially driving prices higher rather than lowering them within the U.S. market.
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