Monday morning price averages for U.S. diesel hit an all-time high, prompting reports that Republican lawmakers are discussing a ban on exports to lower domestic fuel costs. The average price reached $6.51 per gallon, and gasoline pump prices stood at $4.48 per gallon on Sept. 21. Panic liquidation in futures and spot markets suggests these levels will prevail for a while.

Industry analysts argue that diesel export controls would send a chilling signal to the energy market without bringing prices down. Refiners may respond to a blanket ban by increasing output of jet fuel or exporting unfinished distillates to maintain margins and avoid the direct impact of the regulation.