U.S. Treasury Secretary Scott Bessent: "Considering a Ban on Diesel Exports"

[Financial News]  

The U.S. administration is considering whether banning diesel exports could bring down diesel prices, which have reached an all-time high, U.S. Treasury Secretary Scott Bessent said on the 22nd (local time).
According to CNBC, Bessent made the remarks to reporters at a meeting between President Donald Trump and Ukrainian President Volodymyr Zelenskyy at the United Nations headquarters in New York. He said, "We are currently reviewing whether that is possible from the standpoint of overall refining capacity and whether a full or partial export ban would work."
Trump also said he would decide "one way or another, soon" whether to ban diesel exports and that he had instructed "advisers in the administration" to impose an export ban. He added, "We have been saying, 'Let's not ship diesel abroad,'" and emphasized, "We make a lot of diesel."
U.S. diesel prices have continued their record-setting rise since Trump launched the war with Iran on Feb. 28. According to the American Automobile Association (AAA), the current U.S. diesel price is a record $6.53 per gallon, up $2.84 from the same period last year. In California, the price has surged to $8.44 per gallon.
The main factors driving diesel prices higher are Ukraine's attacks on Russian refining facilities, which have disrupted supplies in Eastern Europe, and the war with Iran, which has blocked diesel supplies from the Middle East.
In this regard, Trump met with Ukrainian President Volodymyr Zelenskyy, who was attending the UN General Assembly at the UN headquarters in New York, and demanded that Ukraine stop attacking Russian refining facilities.

[email protected] Song Kyung-jae Reporter