U.S. diesel prices surged to a record $6.51, as Republicans weigh a diesel export ban and a gas tax holiday.
Republicans are weighing a ban on diesel exports and a gas tax holiday ahead of the midterm elections, as soaring fuel costs pressure consumers and farmers, the Wall Street Journal reported. Congressional action faces a tight timeline, with the House already recessed and the Senate having only two weeks left before the general election. The underlying constraint is supply: lawmakers acknowledge that supply disruptions from the war in Ukraine are a key factor driving up prices, limiting what domestic policies can quickly achieve.
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