Trump warns diesel export ban could lift gasoline prices

President Donald Trump said on Oct. 2, 2026 that a U.S. diesel export ban could have a negative impact on gasoline prices, as his administration continues to discuss the proposal each day.

The warning matters because diesel prices had just reached a historic $6 per gallon nationwide, with some reports noting a peak of $6.50, while regular gasoline rose to an average $4.43 per gallon—up from $4.08 a month earlier and well above $3.15 recorded a year ago.

"but it just seems that it would have a negative impact on gasoline," Trump said.

Goldman Sachs analysts earlier warned that restricting diesel exports could force refiners to cut processing rates, which would in turn push domestic gasoline prices higher. The President’s remark echoed those concerns, even as he indicated a slightly softer stance than in previous weeks, though he has not ruled out the ban.

The price surge reflects broader global supply constraints. Refinery capacity in the Middle East remains limited due to Iranian strikes and reduced fuel flow through the Strait of Hormuz, while Russian refineries face operational cuts after Ukrainian drone attacks. Russia has extended its own diesel export ban through Oct. 31, tightening international markets further.

Despite the pressure, Trump’s administration has not committed to a final decision. The daily deliberations suggest policymakers are weighing the potential domestic relief against the risk of higher gasoline costs for American drivers.

The next steps remain unclear, but officials indicated that the administration will continue its assessment of the export ban’s economic impact before any formal action is taken.