Trump weighs diesel export ban, Europe braces for impact

President Donald Trump said Tuesday he supports restricting U.S. diesel exports to combat record-high domestic prices, a move that would significantly impact Europe, a major importer of American diesel. The administration is studying whether such a ban could lower prices ahead of November midterm elections. Diesel prices have hit all-time highs, with Dutch prices reaching 2.82 euros per liter and U.S. averages exceeding $6 per gallon, over 70% higher than before the Iran war. Republican lawmakers in rural areas facing tight races are pressuring Trump, though energy officials and the refining industry oppose the plan, warning of profit losses and supply disruptions. Europe produces insufficient diesel and relies on imports, with the U.S. supplying about 1.5 million of the roughly 8 million barrels traded daily worldwide. Analysts say the global diesel market is already strained by lost Middle Eastern supply, Russian export cuts, and Chinese restrictions, making any U.S. export ban a potential "next shock" with no short-term price relief expected.