The world is holding its breath, waiting to see if U.S. President Donald Trump makes good on previous suggestions that he plans to ban U.S. diesel exports for 90 days.
Diesel prices are at record highs, putting pressure on a variety of sectors including the agricultural industry. Trump suggested this week that he is looking at banning exports of the staple fuel to make it more affordable for Americans ahead of the mid-term elections.
However, a ban on exports is opposed by U.S. fuel producers, industry leaders and even members of Trump’s own administration according to Dan McTeague of Canadians for Affordable Energy.
“There are people within the Trump administration who themselves think this is a dumb idea. It’s dumb because you’re going to tell refineries in the United States to stop producing diesel. Which would lead to a glut in diesel and drop prices temporarily, and then find prices, not just for diesel, but for gasoline and everything else to start popping up.”
World diesel prices would spike if Trump puts his plan into place.
