# Trump ponders diesel ban ahead of mid-terms which could push up UK prices

By Susannah Streeter — 2026-09-29

Susannah Streeter, chief investment strategist at Wealth Club, said: “While companies and consumers are bracing for higher energy bills to land this winter, prices are escalating to painful levels at the pumps. The diesel stress cycle, already in an acute phase, risks intensifying sharply if the US follows through with a ban on diesel exports.

“The UK in particular is highly reliant on imports, especially from the US, given our ultra-low refining capacity. It’s looking increasingly like a trigger President Trump will pull given he is running out of time to offer relief to hard-hit households. He may have once again dangled the prospect of $5,000 checks for families, but that would need Congressional approval.

“In the meantime, US farmers, a group usually offering Republicans a bedrock of support, are turning increasingly vocal ahead of the midterms about onerous costs. While a diesel export ban might provide some short-term relief given that it would lead to a surplus domestically, longer-term US refiners may dial down production, and imports of diesel to other parts of the US reliant on overseas supplies could be hit by retaliatory action.

“But in Trump’s world, short-term gains aimed at reviving his flagging popularity seem to be his modus operandi, and even a partial ban could prove highly damaging.”

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