Diesel prices are at all-time highs, and panic has set in. Several Republican senators from Midwest farm states in competitive midterm races are calling on the administration to ban diesel exports. Even President Trump expressed support for the proposal. Lawmakers desperately want to curb the pain felt at the pump and throughout the agricultural industry. It’s understandable. But the knee-jerk reaction to “do something” by banning diesel exports is ill advised and would quickly backfire.
Logic might dictate that preventing all diesel from leaving our borders will allow it to fulfill our needs first. It just doesn’t work that way. Petroleum is a global market.
The only way to curtail a diesel surplus would be to cut back on crude altogether, a move that would be economically
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