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Trump sounds less than sold on a diesel export embargo as his team weighs 3 options short of a ban
Yahoo Finance • • general
Key Points:
- President Trump is seriously considering an export ban on diesel to combat record-high prices but acknowledges it could increase gasoline prices and have other drawbacks.
- The administration is exploring alternative measures, including voluntary export limits, suspending the federal diesel excise tax, and encouraging state-level actions to ease fuel costs.
- Diesel prices remain near record highs, averaging $6.45 per gallon nationally, while economists warn that a full export ban could destabilize global markets and lead to refinery output cuts.
- Some farm states, heavily impacted by diesel costs during harvest season, have implemented emergency tax suspensions on diesel to provide relief to farmers and consumers.
- The White House has not made a final decision on an export ban and continues to evaluate all options amid pressure from Republicans ahead of the midterm elections.
