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U.S. retail diesel prices surged to a record high of $6.45 per gallon, as Congress considers legislation to ban exports.
Global diesel supplies remain tight due to the Russia-Ukraine conflict and the situation in the Middle East. U.S. Representative Tim Burchett introduced a bill this week to ban diesel exports, and Senate Majority Leader John Thune is open to the idea. Analysts warn that if the U.S. implements an export ban, it would further drive up global oil prices and could trigger a chain reaction.
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