&imwidth=800&imheight=600&format=webp&quality=medium "Trump caught between Republicans and oil lobby over diesel export ban")
US President Donald Trump held an emergency meeting with his advisers on whether to impose a domestic diesel export ban, or other curbs to contain a crisis ahead of the midterm election, the Financial Times reported on Wednesday. This is to address the rising domestic fuel prices, which are near historic records around $6.50 per gallon and the possible backlash in the November election.
According to reports, the administration has already briefed allies in Europe and other countries about possible disruption to their supplies. A White House Official has said Trump was “evaluating all the options on the table”, and no decision has been taken yet on whether to suspend exports.
The lobbying fight
According to the Financial Times report, US President Donald Trump is in the middle of a lobbying fight between two factions of his Republican allies who are arguing about the political stakes of rising fuel prices and the oil bosses who are reluctant to preserve their lucrative export revenue.
Republicans from the agricultural heartland, like Iowa Senator Chuck Grassley and Tennessee Representative Tim Burchett, have pushed for a ban of up to 90 days, warning of midterm fallout unless done so.
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“The political effects are that the Republicans could lose the majority,” Tennessee Congress member Tim Burchett said.
“We’re going to own it, whether we deserve to or not. We’re the ones in power — it’s hard to escape that,” added Burchett, who has proposed legislation to ban diesel exports.
While Trump's cabinet officials, Energy Secretary Chris Wright, Treasury Secretary Scott Bessent, and Interior Secretary Doug Burgum, have warned against a potential ban, according to them, it could trigger unintended downstream crises.
Big oil executive ExxonMobil CEO Darren Woods met Wright in the White House on Tuesday. According to sources familiar with the debate, the oil lobby has managed to convince the president that an export ban could backfire by pushing up prices in parts of the US that import fuel from the international market.
“White House staff are thoroughly opposed to it. But this is all about Trump, and does Trump want to do something big ... So [a ban is] still in play,” said one person familiar with the arguments within the administration. Trump said last weekend that he is “very seriously considering” a ban.
The debate in White House unfolds as Trump has rejected an Iranian proposal to reopen the Strait of Hormuz, where 20 per cent of global oil supplies pass through. Shipments of oil from the Gulf have remained lower than prewar levels
