The oil industry is pushing back after President Donald Trump floated a temporary ban on diesel exports to deal with skyrocketing prices.
Trump told reporters Tuesday that he might look at placing an oil export embargo on diesel as a response to rising prices as the war with Iran continues. The average price for a gallon of diesel rose above $6 for the first time ever in September.
“I’ve called for that, too. I said, ‘Let’s not send out the diesel.’ We make a lot of diesel. I’ve called for it — I’ve called for it with my people,” Trump said during a trip to the United Nations on Tuesday, adding that a decision on a possible embargo would be coming soon.
Treasury Secretary Scott Bessent confirmed that the administration was considering the possibility with diesel prices driving up costs across the board. Despite Bessent’s comments, Energy Secretary Chris Wright appeared skeptical on Wednesday during comments at a climate event that an export ban would actually lower prices.