The US is reportedly preparing a plan to ban diesel exports for 90 days, as the White House mulls acting on record-high fuel prices over the objections of several cabinet members.
The Treasury secretary has privately lobbied against the idea, according to Politico, while the energy secretary said that such a “blunt tool… definitely doesn’t work,” echoing the interior secretary.
US President Donald Trump’s former energy chief said a ban sends a “terrible investment signal,” concurring with analysts: S&P Global estimated that a full ban would drive US refineries to reduce their run rates by up to 10%. The ban would also raise global diesel prices, rebounding on American consumers who depend on imports. European diesel prices spiked 7% Wednesday morning.
