Trump is eyeing an export ban on U.S. diesel. It could cause gas prices to soar, experts warn.
Updated on: September 28, 2026 / 4:50 PM EDT / CBS News
TL;DR
- President Trump is seriously considering a ban on U.S. diesel exports to lower prices.
- Diesel hit a record high of $6.53 per gallon on September 22.
- Supporters believe halting exports would increase domestic supply and lower diesel prices.
- Goldman Sachs estimates an initial price drop of 25 cents per gallon, but warns gas prices could rise 30 cents per gallon for each additional week of the ban.
- Experts warn that cutting diesel production would also reduce gasoline production, leading to higher gas prices.
- The American Fuel & Petrochemical Manufacturers group stated a ban would cause refiners to cut overall fuel production, including gasoline.
- Wood Mackenzie and JPMorgan analysts predict higher gas prices and disruptions to refining economics if the ban is prolonged.