US Energy Secretary Chris Wright has publicly opposed calls for a ban on US diesel exports, arguing on Wednesday that the measure would backfire by increasing gasoline and jet fuel prices. "The blunt tool of banning diesel exports definitely doesn't ‌work," Wright said at an event in New York, as reported by Reuters. Wright said restricting exports would leave refiners with excess diesel inventories, forcing them to cut refinery output. Lower refinery runs, he warned, would tighten supplies of other fuels, ultimately driving up costs…

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.