Burgum says oil export ban unlikely to lower prices as diesel tops $6

  • Doug Burgum rejected an oil, gasoline or diesel export ban as a way to reduce domestic prices.
  • $6.0556 per gallon became the national average diesel price on the 11th.
  • The Trump administration is considering the Defense Production Act to expand refining capacity.

U.S. Interior Secretary Doug Burgum said banning exports of crude oil, gasoline or diesel would be unlikely to reduce domestic energy prices, warning that trading partners could retaliate against energy-importing regions such as California. His remarks came as the national average diesel price reached a record $6.0556 a gallon on the 11th and Brent crude rose above $100 a barrel on the 9th amid the ongoing Iran War. The Trump administration is considering the Cold War-era Defense Production Act to expand refining capacity, but U.S. refineries are already operating at about 98% utilization, while industry executives say new facilities would take years to build. With the November midterm elections approaching, high fuel prices are increasing political pressure on the administration, while polling cited in the report shows declining approval and worsening economic sentiment.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.