Trump plays down diesel export ban, fears it would drive up prices of other fuels

Given the risk of an unintended price spike, U.S. President Donald Trump has signaled he has cooled on banning U.S. diesel exports, while a senior aide said Europe may soon release new diesel supply into the market. Trump told reporters on Wednesday that he is still discussing restrictions on overseas diesel sales with Energy Secretary Chris Wright and Interior Secretary Doug Burgum, but acknowledged their warnings that a full export ban could have unintended consequences. "They probably think it would be good for diesel prices, but it could also raise prices for other goods. I think we're in a very good position now because oil prices are about to start coming down," Trump said. "It seems like it would have a negative impact on gasoline, gasoline prices might go up slightly, and diesel prices would go down slightly, and we think the current situation is very good." A recent record surge in diesel prices has put enormous pressure on the White House. With only weeks to go before the midterm elections, Trump's Republican Party could lose control of Congress as a result. Voters have consistently rated Trump poorly on the issue of high living costs.