Trump administration is examining whether a diesel export ban is feasible, Treasury Secretary says

The Trump administration is examining whether a diesel export ban is a feasible way to address record-high prices for the critical fuel, Treasury Secretary Scott Bessent said Tuesday.

"We're examining whether it's feasible in terms of the overall refining capacity and whether a full or partial ban would work," Bessent told reporters at a bilateral meeting between President Donald Trump and Ukrainian President Volodymyr Zelenskyy at the United Nations.

Trump said a decision would be made "fast one way or another" on whether to impose an export ban. The president said he's called for a diesel export ban "within my people."

"I've said let's not send out the diesel. We make a lot of diesel," Trump said.

Diesel in the U.S. has surged to a record high $6.53 per gallon, about $2.84 more expensive than during the same period last year, according to data from AAA. In California, diesel costs $8.44 per gallon.

Fuel prices have jumped as the wars in Eastern Europe and the Middle East have slashed global refining capacity.

Ukraine's attacks on Russian refineries have forced Moscow to implement a diesel export ban. Refineries in the Middle East have also come under attack from Iran and its allies. And product exports through the Strait of Hormuz are constrained due to Iranian threats to tankers.

U.S. refiners have jumped into breach, ramping up diesel exports to take advantage of sky-high profit margins.

This is a developing story. Please check back for updates.