U.S. Diesel Prices Top $6.50 per Gallon for the First Time Ahead of November Midterm Elections

[Financial News] The national average retail price of diesel in the United States has surpassed $6.50 per gallon for the first time.
U.S. media outlets reported on the 20th (local time), citing the American Automobile Association (AAA), that the national average retail price of diesel stood at $6.505 per gallon as of the 19th. Diesel prices in the United States first exceeded $6 per gallon on the 11th of this month following reports that an oil pipeline in Saudi Arabia had been attacked.
Oil product production at refineries around the world has been disrupted as crude oil supplies from the Middle East through the Strait of Hormuz have been restricted. Russia's ban on diesel exports after its refineries were bombed is also cited as a cause of the price surge.
Passenger vehicles in the United States use very little diesel, but trucks involved in transportation, as well as agricultural machinery, ships, trains and generators, rely on diesel fuel. For this reason, U.S. media outlets forecast that "ahead of the November midterm elections, this surge in diesel prices could erode Republican support not only in agricultural states such as Iowa but also in places like Maine, which relies heavily on heating oil."
Some Republicans have called on the Trump administration to ban diesel exports, citing the potential impact on the midterm elections.
Sen. Chuck Grassley (R-Iowa), whose district is in the agricultural state of Iowa, argued that day, "If our government can ban semiconductor exports to China, it should also be able to ban diesel exports to help American farmers and truck drivers." The previous day, he also said, "High diesel prices are driving down farmers' incomes," and asked, "Why doesn't President Trump ban diesel exports, just as presidents in the 1970s banned agricultural exports?"
Rep. Tim Burchett (R-Tennessee) introduced a bill on the 16th that would temporarily ban diesel exports through January next year in response to the recent surge in diesel prices in the United States.
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