President Trump faces pressure to address surging fuel prices, with some Republicans considering restrictions on U.S. fuel exports ahead of the November midterm elections, The Wall Street Journal reports.
The national average price for diesel recently topped $6 per gallon for the first time and reached a record of about $6.29, with transportation, agriculture and other fuel-dependent industries facing higher costs.
Senate Majority Leader John Thune, R-S.D., has expressed openness to exploring an export ban, while Rep. Tim Burchett, R-Tenn., has proposed diesel export controls. Administration officials have recently left the possibility open, although Interior Secretary Doug Burgum said Sept. 14 that the administration would consider restrictions only if they could lower prices and that he did not believe an export ban would do so.
A potential restriction would likely focus on diesel and could involve a temporary or partial reduction in exports. The rationale is that keeping more fuel in the U.S. could increase domestic supplies and ease prices, but analysts and oil executives warn that the effects could be temporary or potentially counterproductive.
Oil executives have pushed back against U.S. export restrictions, arguing they could disrupt global trade and ultimately contribute to higher domestic prices. Meanwhile, the administration has pursued other measures, including a temporary waiver allowing fuel truck drivers to work longer hours to help maintain gasoline and diesel deliveries.
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