Morgan Stanley: Diesel Export Ban Would Push U.S. Gas Prices Higher
to Back Argentina’s First LNG Export Project With $6 Billion Loan What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… U.S.
gasoline prices will spike further if the Trump Administration bans diesel exports, Morgan Stanley analysts say, as restrictions remain a debate amid record-high diesel prices in America.
“A diesel export ban could have the counterintuitive effect of an increase in gasoline prices if US refiners cut runs,” analysts at Morgan Stanley wrote in a note carried byBloomberg.
refiners to cut refinery utilization rates because they would run out of storage for the diesel within just a few weeks.
Reduced refinery utilization would crimple gasoline production, too, because the fuels are produced together, according to Morgan Stanley.
gasoline prices would spike further, from already record-high levels for this time of year.
As of September 23, the national average regular retail gasoline price was $4.4744 per gallon, according toAAA data.
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That’s up from $4.10 a gallon a month ago, and way above the $3.17 per gallon average price drivers paid at this time last year.
Diesel prices have jumped to $6.52 per gallon, up from $3.69 in the same week of 2025.
The White House on Wednesdaydeniedan export ban is in the works, even if President Donald Trump and Treasury Secretary Scott Bessent had hinted at the possibility hours earlier.
Amid the global fuel crunch and record-high diesel prices in the U.S., some Republican Senators led by Iowa’s Chuck Grassleyare calling for a banon diesel exports as record-high diesel prices are hitting American farmers and truckers.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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