Trump floats diesel export ban as US prices hit record $6.50 a gallon

President Donald Trump raised the prospect of banning diesel exports after US pump prices surpassed $6.50 a gallon for the first time in history, driven by the Iran war and the conflict in Ukraine. With midterm elections approaching in November and high energy costs stoking public frustration, Trump is weighing restrictions on overseas shipments of domestically produced diesel to boost domestic supply and bring prices down.

Trump made the remarks Tuesday (local time) at UN headquarters in New York, where he was holding bilateral talks with Ukrainian President Volodymyr Zelensky. Asked about calls from some Republican senators for a diesel export ban, Trump said, "I've been asking for that too."

"I've been saying, let's not export diesel," he said. "We produce a lot of diesel." He added that restricting diesel exports could have some effect on regular gasoline prices as well, describing it as "a matter of flow and balance."

Trump said he had already directed aides to look into limiting diesel exports.

Diesel prices in the United States have surged as rising global crude prices from the Iran war compounded damage from Ukrainian strikes on energy facilities inside Russia. On Saturday, the national average retail price for diesel crossed $6.50 per gallon — roughly 3.78 liters — for the first time on record.

Diesel is widely used in US trucking, agriculture and construction. A prolonged rise in diesel prices risks spreading through transportation costs to consumer goods broadly, adding to inflationary pressure. With midterms approaching, the Trump administration faces growing urgency to rein in not only gasoline prices but diesel as well.

Calls for export restrictions are also mounting within the Republican Party. Sen. Dan Sullivan of Alaska — which has the highest per-capita diesel and heating oil consumption in the country and where Sullivan is seeking reelection — said, "American fuel should stay in America with Americans. Diesel prices are just way too high."

Sen. Chuck Grassley of Iowa and former Rep. Mike Rogers, who is running for a Senate seat in Michigan, have also called for an export ban. Senate Majority Leader John Thune has indicated he is open to reviewing options for limiting diesel exports.

Shortly after Trump's remarks, Treasury Secretary Scott Bessent confirmed that the administration is examining the idea.

"We are looking at whether an export ban is feasible given total refining capacity, and whether a full or partial ban would be effective," Bessent said.

However, restricting US diesel exports could reduce global supply and push international prices back up. How much a ban would actually lower consumer prices is expected to be the central variable in any final policy decision, particularly given that regional supply conditions vary widely depending on the domestic refining and retail distribution structure.