President Donald Trump said Wednesday he is still considering restricting U.S. diesel exports as record fuel prices squeeze consumers, but acknowledged that such a move could lower diesel costs while pushing gasoline prices higher.

Trump Keeps Diesel Export Ban In Play

"I'm thinking about it," Trump said at the White House. He said he frequently discusses the idea with Energy Secretary Chris Wright and Interior Secretary Doug Burgum, adding that an export ban "might raise the price of other things."

Trump had previously backed calls to restrict diesel exports as prices surged ahead of the November midterms. Reuters said U.S. diesel recently hit a record $6.53 per gallon, with wars in Iran and Ukraine disrupting refinery output and fuel exports.

"It's something that we think about and we talk about every day," Trump said. "But it just seems that it would have a negative impact on gasoline, so that would go up a little bit, and diesel would come down a little bit."

Wright Warns Ban Could Lift Gasoline Prices

Wright has publicly opposed a blanket export ban because U.S. refineries produce diesel, gasoline and jet fuel together. He warned last week that preventing refiners from exporting surplus diesel could fill storage, force plants to reduce crude processing and ultimately put "upward pressure on gasoline prices and jet fuel prices."

U.S. distillate inventories have also tightened, with Reuters reporting that stocks fell below 97 million barrels last week, about 13% below the five-year seasonal average, while U.S. diesel exports have helped fill shortages overseas.

White House Looks For Alternative Supply

The administration is therefore examining alternatives. Reuters said officials have discussed voluntary export limits with refiners, expanding sales of tax-exempt dyed diesel and asking European governments to release emergency diesel reserves.

Wright said Wednesday that European allies would soon announce new supplies that could "meaningfully push diesel prices down." Trump also pointed to improving petroleum flows through the Strait of Hormuz as a reason for optimism, while declining to take export restrictions off the table.

The policy debate comes as the administration faces wider affordability pressure from high diesel prices. EIA's September outlook projected average on-highway diesel at $5.55 per gallon in the fourth quarter, compared with $3.70 in late 2025.