Diesel Hits Record $6.50+ as Trump Pushes Export Ban and Industry Warns of Backfire
U.S. diesel is at the most expensive level on record, and Washington is now arguing over whether to ban exports of it. Retail diesel averaged $6.529 a gallon in the week of September 21, according to the Energy Information Administration, and President Trump said on September 22 that he has urged his advisers to approve a ban on diesel exports to keep more fuel at home. The oil industry, Goldman Sachs, and members of Trump's own cabinet are pushing back, warning the move would ultimately raise pump prices. For anyone running trucks, the message is simpler than the politics: fuel costs are setting records, relief is not scheduled, and every inefficiency in the truck now costs record money.
Diesel Tops $6.50 a Gallon — a Record After an 87-Cent September Climb
The EIA's weekly survey shows three consecutive record-setting weeks, with the pace accelerating:
| U.S. On-Highway Diesel (EIA) | Price | Weekly Change |
|---|---|---|
| Week of Sept. 7, 2026 | $5.967/gal | — |
| Week of Sept. 14, 2026 | $6.285/gal | +$0.318 |
| Week of Sept. 21, 2026 | $6.529/gal | +$0.244 |
| vs. a year ago | +$2.78/gal | |
AAA's daily average, which tracks slightly differently, put diesel at a record $6.505 on September 19 — the first time above the 2022 peak — and at $6.52 on September 23, nearly $3 above a year earlier. Gasoline averaged $4.47 the same day, up $1.30 year over year. In California, Gulf Oil's chief energy advisor Tom Kloza put pump diesel at $8.27 in a September 16 FreightWaves interview.
Trump Backs a Diesel Export Ban; His Cabinet and Wall Street Push Back
Speaking to reporters September 22 on the sidelines of the UN General Assembly, Trump said: "I've said let's not send out the diesel. We make a lot of diesel. I've called for it within my people." Treasury Secretary Scott Bessent said officials are examining whether a full or partial ban is feasible. Politico reported the administration is preparing a plan to ban diesel exports for 90 days; shares of refiners Valero, Marathon Petroleum, and Phillips 66 fell on the report. Iowa Senator Chuck Grassley has publicly called on the White House to "embargo diesel" to help farmers.
The pushback is bipartisan inside the administration itself. Energy Secretary Chris Wright told The Wall Street Journal the administration is considering restrictions rather than an outright ban, saying he wants to "avoid a blunt hammer of a government policy." Interior Secretary Doug Burgum, who chairs the National Energy Dominance Council, has said a ban would not bring prices down. Goldman Sachs' co-head of global commodities research, Daan Struyven, warned on September 23 that because refineries produce gasoline and diesel as a bundle, a diesel export ban would cut refinery output and end up constraining gasoline supply too. API CEO Mike Sommers said restricting exports "would only compound the problem." One oil industry executive told CNBC a ban could add 30 cents a gallon to fuel prices, and Rapidan Energy's Bob McNally warned of retaliation — Europe could restrict the gasoline it ships to the import-dependent U.S. Northeast. As of September 24, no decision has been announced.
Iran War, Hormuz, and Refinery Losses Behind the Squeeze
Diesel has surged 74% since February 27, the eve of the Iran war, against a 50% rise in gasoline, according to AAA data cited by Bloomberg. Tanker traffic through the Strait of Hormuz — which handles around 20% of global seaborne oil trade — has plunged. Saudi Arabia's East-West pipeline shutdown has suspended September crude loadings to Europe and idles about 1.8 million barrels a day of Red Sea refining capacity; Kloza estimates the world has shed roughly 7 million barrels a day of refining capacity, mostly in Russia and the Persian Gulf, with Ukrainian drone strikes hitting Russian refineries as recently as this past weekend. Russia has banned most diesel exports and may extend the curb through October.
Surcharge Lags and Heating Season Point to More Pain for Fleets
- Fuel surcharges trail the pump. Most surcharge programs reprice weekly, so a fast-rising market bills last week's price while paying this week's pump price. The gap comes straight out of margin.
- Winter adds pressure, not relief. Diesel and heating oil are the same molecule. Kloza cautioned that Northeast heating demand will tighten distillate supply further as temperatures fall, and said sub-$3 diesel is likely gone for at least the next 15 to 16 months.
- Policy headlines will move prices before policy does. Diesel futures already fell on reports of a possible export ban. Expect volatility in both directions while the White House debate runs.
- One bright spot. Soybean oil, the feedstock for biodiesel and renewable diesel, has dropped below the price of conventional diesel for the first time in roughly seven to eight years — biodiesel blending economics are suddenly favorable where supply exists.
At Record Fuel Prices, Engine Efficiency Is a Maintenance Issue
At $6.50-plus diesel, a truck that has lost efficiency burns money on every mile. Worn turbochargers, sticking VGT actuators, and boost leaks all cost fuel long before they cost a breakdown. US Perfect Auto stocks brand-new Cummins turbochargers and Detroit turbochargers in US inventory, with 24-hour dispatch, a one-year warranty, and no core charge, so a truck that needs a unit this week is back earning this week. Send us your engine serial number or part number and we will confirm the right fit.
Sources
- U.S. Energy Information Administration: Gasoline and Diesel Fuel Update (release September 22, 2026)
- Transport Topics: "Diesel Tops $6.50 a Gallon as Wars Worsen Global Crunch" (September 21, 2026)
- CNBC: "Oil industry warns a diesel export ban will raise fuel prices as Trump weighs restrictions" (September 23, 2026)
- Transport Topics: "Goldman Sees Gas-Price Blowback if U.S. Bans Diesel Exports" (September 23, 2026)
- FreightWaves: "Diesel Prices Just Broke Records. Worse Ahead?" (September 16, 2026)
