Trump's Diesel Export Ban Would Backfire on US and Allies

Republicans are pressuring President Trump to ban or restrict US diesel exports to combat record-high domestic prices ahead of the November midterm elections, a move analysts warn would backfire globally and domestically. US diesel prices hit a record $US6.51 per gallon on Monday, about 75 per cent higher than a year ago. The price surge is primarily driven by Trump's war on Iran, which has halved Middle Eastern exports, while Ukrainian attacks on Russian refineries have halted Russia's diesel exports. An export ban would devastate diesel-dependent Europe and Asia, while US regions lacking pipeline infrastructure would face even higher prices. Refineries operating near capacity could not absorb diverted export volumes, likely reducing production and squeezing profits without providing lasting domestic relief.