Trump has the authority to restrict exports temporarily under emergency powers. He would certainly not be the first president to intervene – or contemplate intervening – in energy markets. The US prohibited crude oil exports for four decades following the 1973 oil crisis, while former President Joe Biden's administration considered restricting diesel exports in 2022 after Russia's invasion of Ukraine sent fuel markets into turmoil.
The trouble is that a diesel export ban would likely aggravate the very problem it is designed to solve.
Keeping up with the Jones Act
The current fuel crunch is almost entirely conflict-driven. The Middle East and Russia used to account collectively for roughly a fifth of global seaborne exports of diesel.
But the Iran war and the resulting disruption to shipping through the Strait of Hormuz have removed a sizeable portion of global refining capacity and diesel supplies.
This squeeze intensified in July when Russia, traditionally one of the world's largest diesel exporters, halted shipments following months of Ukrainian drone attacks that crippled large parts of its refining sector.
Half of Russia's six top diesel-producing refineries significantly cut back or completely halted output in September due to damage sustained in drone attacks, Reuters reported.
The Trump administration has already tried several measures to ease domestic prices, with limited success.
In March, Washington issued a waiver to the century-old Jones Act, which requires cargo shipped between US ports to travel on vessels that are US-built, US-owned, US-flagged and largely US-crewed.
The waiver, which expires on November 15, was designed to make it easier for refiners along the US Gulf Coast refining hub to supply diesel to consuming regions on the East and West coasts. But the results have been negligible.
Trump has also sought relief abroad by encouraging Ukrainian President Volodymyr Zelenskiy to halt strikes on Russian energy infrastructure. Those efforts have produced little progress, with attacks continuing in recent days.
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