Trump Endorses Diesel Export Ban Amid Record Fuel Prices

US President Donald Trump has endorsed a diesel export ban to combat record fuel prices. However, the oil industry is warning that this move could lead to reduced refinery output and tighter supplies in both the US and abroad.

The US has become a major source of diesel for international markets, with exports reaching a record 1.6 million barrels per day in August, according to Kpler data cited by Reuters.

Industry experts argue that stopping diesel exports could create a diesel glut on the Gulf Coast, forcing refiners to reduce production and potentially affecting petrol output as well.