Trump reportedly prepares 90-day diesel export ban as Wright says it would fail

Politico reported that the White House was preparing a 90-day ban on diesel shipments. President Trump was weighing export curbs to cool costs at the pump. The proposed ban would be the first US energy-export curb since 2015. In 2015, the Obama administration lifted a long-running crude oil export ban. AAA put the national average diesel price near $6.52 a gallon. The average was $3.69 a gallon a year earlier. Diesel prices had more than doubled from lows about nine months ago. The article linked supply shocks to the Middle East and Ukraine to the increase. Energy Secretary Chris Wright said a broad diesel export ban would not work. Wright said the United States is the world's largest diesel exporter. Wright said the same refineries produce diesel, gasoline, and jet fuel. Wright said refiners could have to cut US refining if they could not export diesel and ran out of storage space. Wright said that reduction could push gasoline and jet-fuel prices higher. A White House spokesperson said the story about Trump weighing a 90-day diesel export ban was not true. Diesel futures fell about 7% on the ban talk.