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Michel Robe, Professor of Finance and Distinguished Chair, University of Richmond

Is the world pricing the risk of a US diesel export ban?

One driver of higher U.S. diesel prices is a major drop in supply from Russia and the Middle East. AP Photo/David Zalubowski)

A spike in diesel prices is hammering broad sectors of the U.S. economy – especially agriculture and shipping – and becoming a flash point ahead of the November 2026 midterm elections.

This squeeze has prompted Republicans from hard-hit farm states to call for a ban on U.S. diesel exports, with President Donald Trump reportedly weighing the idea as well. He also announced a deal on Oct. 9 to supply Russian diesel to U.S. and global markets.

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