Costs for American truckers and farmers have reached a breaking point, triggering a federal review of energy trade policies. President Trump has directed his team to analyze the feasibility of a diesel export ban to counter record pump prices that have climbed to $6.53 per gallon. Treasury Secretary Bessent is evaluating whether a full or partial restriction would be effective and assessing how such a move might influence domestic gasoline costs before a decision is made.

U.S. refiners are preparing for the potential restrictions, though oil executives have lobbied against the move by warning of production cuts. S&P Global estimates that an export ban could reduce refinery runs by nearly 2M BPD and cut gasoline output by as much as 750K BPD. The policy discussion follows a surge in costs that has set new all-time record diesel prices in 47 states this year.