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Trump rules out diesel export ban after Europe agrees to tap stockpiles
Yahoo • • business
Key Points:
- President Donald Trump ruled out a diesel export ban, stating it was never seriously considered, following Europe's agreement to release fuel from its stockpiles under U.S. pressure.
- The decision comes after a surge in fuel prices caused by the war against Iran and Ukrainian attacks on Russian refineries, which has raised concerns among farmers and political pressure before the November midterm elections.
- Trump had earlier suggested a diesel export ban but faced opposition from Energy Secretary Chris Wright and oil industry allies, who warned it could harm foreign economies and increase domestic fuel prices.
- The G-7 announced plans to release 100 million barrels of diesel and crude oil from strategic reserves over four months, starting with a significant diesel release within 20 days.
- Additional measures to address diesel prices, such as lifting restrictions on off-road diesel and suspending excise taxes, are being considered by the Trump administration.
