"We're thinking about it very seriously. We may do it," President Trump said Sunday, reopening the option of a US diesel export ban days after the White House assured refiners that an outright ban would not happen. Asked by a Fox News reporter while attending the Presidents Cup golf tournament final near Chicago, Trump acknowledged a ban "can oftentimes lead to a little bit of an increase on gasoline for cars." Options under consideration include a 90 day ban or more limited voluntary restrictions.

US diesel prices hit a record $6.53 a gallon this week, and Trump blamed the fuel price pressures largely on attacks against Russian refineries. Lawmakers from farm states have urged him to limit exports during the fall harvest as the US has become the supplier of last resort to the world, with diesel exports surging to a weekly record near 2 million barrels a day last month. Energy Secretary Chris Wright favors voluntary export limits and has said a ban would not work, and Senator Ted Cruz told refining industry leaders late Friday that the White House had assured them an outright ban would not happen.

A full ban would be a "significant concern" for Britain, which sources about one-sixth of its diesel from the US, UK Business Secretary Jonathan Reynolds said, though he stressed the UK has a diverse fuel supply. French President Emmanuel Macron has also warned Trump against such measures. Goldman Sachs estimates each week of a ban would cut US retail diesel prices about 25 cents a gallon from the current $6.50, but a longer ban would push gasoline up roughly 30 cents a gallon once storage fills.