The White House is drafting a temporary halt on shipping diesel overseas as domestic costs hit record highs of $6.52 per gallon. President Trump may announce a 90 day export ban by the end of the week to reduce fuel prices before the November midterm elections, according to Politico. Following the report, US diesel futures fell more than 7% while European diesel futures surged over 7%, as markets braced for the first total diesel ban in US history.

Energy Secretary Chris Wright rejected a total ban, calling such a policy a "blunt hammer" and advocating for voluntary restrictions instead. While White House officials have since dismissed reports of a ban as "fake news," industry analysts at Goldman Sachs warn that restricting exports could reduce refinery runs by 2M BPD. Such a decrease in production would likely tighten gasoline supplies and push up costs for consumers at the pump.