Trump's diesel export ban could backfire on US consumers

President Donald Trump announced he is considering a U.S. ban on diesel exports to combat high prices, a move analysts warn could worsen the global energy shortage and backfire on American consumers. Analysts at Wood Mackenzie say the ban would likely increase costs for Americans by filling U.S. storage within weeks, forcing refineries to cut production and shifting cost burdens from diesel to gasoline. U.S. diesel exports to Europe have risen sharply, with Europe now taking nearly 50 percent of shipments. Capital Economics warns the economic shock could rival Europe's 2022 natural gas crisis, with some export restriction likely before midterm elections. China is the only country with spare refining capacity to offset the loss, but may decline to do so.