President Donald Trump is reportedly in “emergency” mode, according to the Financial Times, on how to deal with the “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 risen sharply, as have the costs of other consumer gas products, recently reaching a historically high average in the United States. Runaway diesel costs are particularly damaging to the economy, experts noted, because they can trickle down to other industries dependent on the fuel, like trucking and transportation, which will result in higher prices for almost everything.
In an article published on Wednesday, the FT reported that sources familiar with the matter revealed that “emergency talks” were underway between Trump and his administration officials on ways to resolve the diesel crisis. Those talks included consideration of a ban on diesel exports. Trump has floated the idea before, leading experts and foreign leaders to urge him not to pursue it, given that it would likely cause serious disruptions to global supplies with no effect on U.S. prices.
Other information leaked to the FT indicates that other ideas were also proposed to the president, such as reducing international diesel sales. In response to an inquiry, a White House official told the outlet that Trump was “evaluating all options on the table” to remedy the situation and that no decisions had yet been made.
Other sources familiar with the ongoing discussions said that big oil companies were able to convince Trump that a ban on diesel exports would likely backfire by causing higher prices in parts of the country that rely on imported fuel. Nonetheless, Trump continues to consider banning exports “very seriously” in response to the crisis.
“The debate continues. We don’t have a clear idea of what he’s going to do,” a source told the outlet. “The White House staff is adamantly 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 Republican from Tennessee, told the FT that rising diesel prices and gasoline prices in general appear poised to cost the Republican Party the midterm elections in November.
We’re going to own it, whether we deserve it or not. We’re the ones in power – it’s hard to escape,” Burchett told the outlet.
Gn bussni
