Politico quoted unnamed sources as reporting that the White House is preparing a 90-day ban on diesel exports. According to Politico, the legal process under which this ban was implemented is currently unclear, but US President Trump is inclined to propose this measure before the end of this week. If implemented, this would be the strongest measure the Trump administration has taken to date to mitigate soaring fuel costs, and also highlights the pressure facing the Republican Party as the November midterm elections approach. Trump said earlier this week that he had urged advisors to support a ban on US diesel exports. However, people in the energy industry strongly oppose potential export restrictions, believing that such measures can only reduce prices in the short term; in turn, fuel costs may rise even higher later. According to the American Automobile Association, retail diesel prices in the US have risen to an all-time high, exceeding $6.50 per gallon. After the report was released, US diesel futures fell by more than 7% at one point, then narrowed part of the decline. Meanwhile, European diesel futures rose.

Politico quoted unnamed sources as reporting that the White House is preparing a 90-day ban on diesel exports. According to Politico, the legal process under which this ban was implemented is currently unclear, but US President Trump is inclined to propose this measure before the end of this week. If implemented, this would be the strongest measure the Trump administration has taken to date to mitigate soaring fuel costs, and also highlights the pressure facing the Republican Party as the November midterm elections approach. Trump said earlier this week that he had urged advisors to support a ban on US diesel exports. However, people in the energy industry strongly oppose potential export restrictions, believing that such measures can only reduce prices in the short term; in turn, fuel costs may rise even higher later. According to the American Automobile Association, retail diesel prices in the US have risen to an all-time high, exceeding $6.50 per gallon. After the report was released, US diesel futures fell by more than 7% at one point, then narrowed part of the decline. Meanwhile, European diesel futures rose.