Trump weighs 90-day diesel export ban as US fuel prices hit record high: Report

The Trump administration is preparing a 90-day ban on US diesel exports in an effort to bring down soaring energy prices ahead of the midterm elections, Politico reported on Wednesday, citing five people familiar with the discussions. President Donald Trump is inclined to announce the restriction by the end of the week, even as the proposal faces opposition inside the administration and from the oil industry.US ultra low-sulfur diesel futures fell more than 5 per cent after the report. The October futures contract was trading at $4.7199 a gallon, down 4.5 per cent.The proposed ban comes as diesel prices have surged amid disruptions linked to the Trump administration's war against Iran, which began in February, and Ukrainian attacks on Russian oil refineries. Farm-state Republicans have been pressing the administration to act as fuel costs rise.The average US diesel price reached $6.52 a gallon on Wednesday, according to AAA.