President Donald Trump is reportedly in “emergency” mode, per the Financial Times, over how to address the spiraling “crisis” that threatens to engulf the economy and his presidency.
As Trump’s war with Iran continues with no end in sight, diesel prices have increased sharply, along with the costs of other consumer gas products, recently hitting an all-time high average in the U.S. Runaway diesel costs are particularly damaging to the economy, experts have noted, as they can ripple out through other industries dependent on the fuel, like trucking and transportation, which will cause the prices of nearly everything to go up as a result.
In a Wednesday report, the FT reported that sources close to the matter revealed that “emergency talks” have been underway between Trump and his administration officials about ways to address the diesel crisis. These talks have included the consideration of a diesel export ban. Trump has already floated that idea, leading experts and foreign leaders to urge him not to pursue it, given that it would likely cause severe global supply disruptions with no effect on American prices.
Other information leaked to the FT indicated that other ideas have also been floated to the president, such as curbing international diesel sales. In response to an inquiry, a White House official told the outlet that Trump is “evaluating all the options on the table” to address the situation and that no decision has yet been made.
More sources familiar with the ongoing discussions said that major oil industry companies have managed to convince Trump that a diesel export ban would probably backfire on him by causing prices to spike more in parts of the country reliant on imported fuel. Nevertheless, Trump is said to still be “very seriously considering” the export ban as a response to the crisis.
“The debate goes on. We don’t have a firm sense of what he’s going to do,” a source told the outlet. “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.”
Rep. Tim Burchett, a Tennessee Republican, told the FT that the rise in diesel prices and gas prices in general seems poised to cost the GOP the midterms in November.“
We’re going to own it, whether we deserve to or not. We’re the ones in power — it’s hard to escape that,” Burchett told the outlet.