Trump weighs diesel export restrictions as industry warns of higher fuel prices

President Donald Trump is weighing restrictions on U.S. diesel exports, a move the oil industry warns will backfire by raising fuel prices, as he faces political pressure ahead of the November midterm elections. The American Petroleum Institute argues that limiting exports would worsen refining challenges and hurt consumers, while Energy Secretary Chris Wright says the administration is considering restrictions rather than a full ban. Experts predict brief price relief only in some regions, followed by higher prices globally as refiners cut production, with potential European retaliation on gasoline exports. Diesel prices hit a record $6.52 per gallon on Wednesday, nearly $3 higher than last year, driven partly by Russia's export ban. Republican lawmakers, including Sen. Chuck Grassley, are urging action to help farmers, but analysts say most oil experts oppose the ban, calling it a panic-driven response.