A reduction in refineries has already driven the price of diesel to record highs, threatening economies. An U.S. export ban would be “tremendous shock and blow.”
The Iran war has sent diesel prices soaring around the world, straining national budgets, adding costs to businesses and snarling supply chains from farms to ports.
Now President Trump is threatening to ban or restrict the export of diesel from the United States, which is the top supplier to more than a dozen countries including Mexico, Canada and much of Europe. Oil executives and world leaders are issuing increasingly dire warnings that the result could be global price spikes on everything from groceries to jet fuel.
