US Diesel Export Ban Would Backfire, Analysts Warn

US President Donald Trump backed a diesel export ban on Tuesday to combat record-high prices, but analysts warn the measure would likely worsen global supply disruptions and fail to ease US fuel costs. Diesel prices have hit $6.51 per gallon. The US exported a record 1.6 million barrels daily in August, with buyers including Brazil and France, while inventories sit nearly 13% below seasonal averages. Trade groups like the American Petroleum Institute oppose the ban, saying it would destabilize refinery operations and push global prices up sharply. Analysts note a ban could cut refinery output, raising gasoline prices, and damage relations with allies like Europe, which relies on US supplies. They compare it to Nixon's 1973 soybean embargo, which undermined US reliability as a trading partner.