Story
White House Denies Report of Potential US Diesel Export Ban
Summary
A White House official has refuted a report that the administration is preparing a 90-day ban on diesel exports, a measure supposedly aimed at curbing record-high fuel prices.
A White House official on Wednesday denied a news report that the administration is preparing a 90-day ban on diesel exports, a move reportedly considered to combat record-high fuel prices impacting key sectors of the U.S. economy.
Administration Rejects Export Ban
According to a Reuters report, the denial followed a story from Politico which claimed the U.S. was preparing the temporary export ban. U.S. Energy Secretary Chris Wright stated that such a measure would not work and could have unintended consequences, such as increasing prices for gasoline and jet fuel.
Wright clarified that "nobody is considering a flat ban on shipments of the fuel." Instead, he said the administration is focused on other solutions. "What’s being discussed is what’s the most efficient way to get more diesel into the United States of America, and continue maximum flows of gasoline and jet fuel," Wright said, adding that talks were underway regarding voluntary measures.
AdContext: Record Prices and Political Pressure
The speculation over an export ban arises as U.S. diesel prices have surged to record levels above $6.50 a gallon. These high costs for the fuel, which is critical for trucking, farming, and rail transport, are creating significant economic and political pressure for the administration ahead of the midterm elections.
The price spike is largely attributed to global supply constraints. According to the report, wars in Iran and Ukraine have disrupted international deliveries of crude oil and refined fuel products, tightening the market and pushing prices to historic highs.
Read next
More on Commodities
Soybean Futures Slip as Traders Look for Clarity on China Trade
Soybean prices edged lower as a high-profile U.S.-China summit yielded no new trade announcements, while weekly export sales data fell short of expectations. December soymeal futures, however, rallied to a new contract high.
European Gas Prices Rebound as Traders Reassess US-Iran Diplomatic Hopes
European natural gas futures recovered from a sharp sell-off on Tuesday as traders tempered expectations for a swift diplomatic breakthrough between the U.S. and Iran. The move follows Monday's steep decline, which was driven by optimism over potential talks at the United Nations.
Russia Confirms Diplomatic Talks with Turkey on Black Sea Grain Corridor
Moscow is in discussions with Ankara over a new proposal for a secure grain shipping lane, Kremlin spokesman Dmitry Peskov confirmed, as Russia also seeks alternative export routes amid heightened regional tensions.
Bank of America Raises H2 2026 Brent Crude Forecast to $95 on Mideast Supply Risks
Bank of America has increased its price forecast for Brent crude in the second half of 2026 to $95 per barrel, up from $83, citing severe supply disruptions from ongoing geopolitical conflicts, particularly Iran's blockade of the Strait of Hormuz.