Trump backs possible diesel export ban as fuel prices hit record highs

US President Donald Trump said on Tuesday that he supports the idea of banning diesel exports from the United States, aiming to curb rapidly rising fuel prices. Speaking to reporters ahead of a meeting with Ukrainian President Volodymyr Zelenskyy, Trump said he had already urged his administration to consider the step, noting that the US produces large amounts of diesel.

Diesel prices in both Europe and the US have climbed to record levels recently, as conflicts in Iran and Ukraine have sharply reduced exports from major producers including Russia, Saudi Arabia and the United Arab Emirates. On Tuesday, the average price of diesel in the US reached $6.53 a gallon — a record high and more than 75% above year-ago levels.

Assessing a possible ban

Speaking at the same meeting, US Treasury Secretary Scott Bessent said officials are currently evaluating whether a full or partial export ban would be workable given the country's overall refining capacity.

On Sunday, according to the Financial Times, Trump urged Zelenskyy to pause Ukrainian strikes on Russian oil refineries, citing concerns that such attacks could push prices even higher. In a social media post, Trump wrote that Russia had lost control of its diesel oil industry.

Political pressure and industry pushback

Several Republican Senate candidates locked in competitive midterm races have called on the administration to implement an export ban to ease the burden of high prices on Americans. Iowa Representative Ashley Hinson wrote on social media that every available option should be used to provide relief.

However, the American Fuel and Petrochemical Manufacturers trade group warned that a ban could backfire, since domestic refiners would need to cut production, meaning less diesel and less gasoline overall.

Trump also said he and Zelenskyy would discuss Ukrainian strikes on Russian refining sites, as well as prospects for ending the war.