Diesel Prices Soar Across the West as Trump Considers US Export Ban

Diesel prices have hit an all-time high in the US, Canada, UK, and many European Union nations as President Trump has said he is "very seriously" considering enacting an export ban.

Prices: In the US, the current nationwide average is around $6.53 per gallon, according to AAA. According to Reuters (Center bias), the previous American high was $5.82 in June 2022, a few months after Russia's full-scale invasion of Ukraine. The UK just barely exceeded its previous high from June 2022, with a current national average of 199.33p (~$10 per US gallon), according to RAC, the UK's AAA equivalent, and BBC News (Center). Outlets generally blamed the prices on the conflicts in Iran and Ukraine, though sometimes emphasized one over the other. Reuters blamed the US-Iran war in its headline for the UK's high diesel prices. A TV segment from Newsmax (Right) featuring Just The News (Lean Right) founder John Solomon said the Russia-Ukraine conflict is more responsible for American prices.

Trump's Comments: Trump has reportedly backed a diesel export ban for a week now. He first supported the idea to reporters during a meeting with Ukrainian President Volodymyr Zelenskyy last week, and on Sunday he again confirmed his support to a Fox News (Right) reporter.

Consequences: CBS News (Lean Left) and ZeroHedge (Lean Right) both highlighted an analysis from Goldman Sachs on the potential consequences of an American export ban. CBS focused its coverage on Goldman's prediction that gas prices will rise. ZeroHedge highlighted this too but went in depth on Goldman's other conclusions, which include immediately lower diesel prices in the US that would later rise after the ban is lifted and increased prices in Europe.

Texas Action: On Monday, Texas Governor Greg Abbott declared a statewide 30-day disaster over the high diesel prices. The measure will lift certain restrictions, such as weight limits for truckloads and federal emission rules, in what the governor says is an effort to protect his state's shipping and agriculture industries.

United Kingdom: Rumors have swirled that the UK is considering implementing diesel rations and capping the national speed limit at 50 mph. An analysis from Sky News (Lean Left) said UK prices will continue to rise and mainly blamed the conflict in the Middle East, as well as the UK's current "historically low" storage levels. Sky News noted that Russia enacted a diesel export ban earlier this year and that since its full-scale invasion of Ukraine, the US has become responsible for a third of the UK's diesel imports – meaning a US export ban would drive prices even higher. Conversely, Metro (Lean Left) said the UK's Department for Energy Security and Net Zero told it there is no shortage and that the UK has "a diverse and resilient supply."

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