A US cutoff could hit Europe hard as Russian and Middle Eastern supplies remain disrupted
The White House is still very seriously considering a diesel export ban, US President Donald Trump has said, as fuel prices soar ahead of the November midterm elections.
Shipments being cut from the world’s largest exporter could deepen a global shortage and leave import-dependent Europe scrambling for supplies.
Diesel prices have surged amid a global supply crunch fueled by the US-Israeli war on Iran, which has severely disrupted shipping through the Strait of Hormuz. Russia, one of the world’s largest diesel exporters, has also restricted fuel shipments to stabilize its domestic market following Ukrainian drone attacks on its refineries. US diesel production is now barely keeping pace with domestic demand, raising concerns that growing exports could further squeeze supplies at home.
Trump told a Fox News reporter on Sunday that his administration was examining the measure. We’re looking at it very seriously – we may do it, he said while attending the Presidents Cup golf tournament near Chicago, acknowledging that the move could push gasoline prices somewhat higher.
Trump first floated the idea last week. I’ve said let’s not send out the diesel, he told reporters ahead of a meeting with Ukraine’s Vladimir Zelensky.
The potential move comes as fuel prices surge. Energy Information Administration data put the nationwide diesel average at a record $6.529 a gallon ($1.72 per liter) on September 21, up from $5.454 just five weeks earlier, as tight global supplies and elevated crude prices drive costs higher.
Read more The idea of the world’s largest diesel exporter shutting off supplies has drawn sharp pushback from the US energy industry. The American Petroleum Institute warned that a ban could force refineries to cut production of diesel, gasoline and jet fuel, tightening supplies at home while deepening the global fuel crunch.
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Dutch TTF gas, Europeâ¬29.0 â â¬71.7 per MWh · Jan 2 Sept 28 +147% Henry Hub gas, US$4.25 â $2.94 per MMBtu · Jan 2 Sept 18 â31% Wholesale diesel (ULSD ARA), Europe$752 â $1,536 per metric ton · Feb 27 Sept 18 +104% Retail diesel, US$3.48 â $6.53 per gallon · Jan 5 Sept 21 +88% Retail diesel, Europe
