Oil Industry Pushes Back On Limiting Diesel Exports
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Why is the Trump administration considering restrictions on U.S. diesel exports?
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Harvey Weinstein is sentenced to fifteen years in prison. Plus, President Trump is considering restricting diesel exports and sending the oil industry into turmoil.
They've always known that if President Trump had to pick between farmers and oil executives, it was gonna be the farmers that it was gonna support. So the idea that it's here is something they're accepting now.
And Meta's stock price is jumping on the popularity of its new AI agent, Muse, and investors want to see what Mark Zuckerberg says about the app at Meta's conference today. It's Wednesday, September 23rd. I'm Alex Ozula for the Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. We start today's show in New York, where disgraced Hollywood mogul Harvey Weinstein was just sentenced to fifteen years in prison. Last year, a jury convicted him of a criminal sexual act for forcing oral sex on a production assistant two decades ago. His legal team plans to appeal. And we're exclusively reporting that federal prosecutors in Manhattan have opened a probe into Jeffrey Epstein's longtime lawyer and accountant, who are now executors of his estate.
The journal couldn't determine what charges are being explored. During prosecutors' interviews of potential witnesses, they described the men's roles in legal entities that allegedly helped conceal Epstein's activities. The interviews also dealt with the two men's handling of financial and legal matters involving young women. Darren Indike, Epstein's lawyer, and Richard Kahn, his accountant, have previously said they didn't know Epstein was engaged in sex trafficking. They have denied being complicit in or having knowingly facilitated any crimes. And they've said none of the women ever reported to them that they were being sexually abused. A lawyer for Kahn referred to the prior statement, and a lawyer for Indike didn't respond.
A Justice Department spokeswoman said that they don't comment on whether an investigation exists. Iran's president says the country is open to negotiations with the US to end the war, but that Tehran will never surrender to what he called Washington's bullying. In a speech at the United Nations General Assembly this morning, Massoud Pazeshkian responded to President Trump's threats to annihilate Iran. Through a translator, he said that Tehran is ready for dialogue and diplomacy, but called out President Trump by name and said Iran would not accept Trump's quote language of force.
that the resistance of the Iranian people will only increase in the face of sanctions, increased pressure, increased increased bullying.
How would limiting diesel shipments affect U.S. gasoline prices and inflation?
We will never bow our head or bend at the knee.
Pazeshkiyan also said that Iran won't give up its right to pursue its nuclear program, which he said was purely peaceful and not aimed at building weapons. The Iran war has pushed up energy prices, as we all know, and diesel in particular. The national average for a gallon of diesel is more than $6.50. That's up nearly a dollar over the past month. Yesterday we reported that President Trump is considering restricting diesel exports from the US, sending oil executives and lobbyists rushing to register their opposition. Today, Energy Secretary Chris Wright hinted at a gentler regulatory touch, a voluntary cap on exports instead of an outright ban.
We're trying to avoid a blunt hammer of a government policy, understanding the complexity of refining.
Wright's description was light on details, but our oil and gas reporter Benoit Moran says that he expects the administration is going to take some action. Benoit, what is the idea behind these restrictions on diesel exports?
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Chapters
6 chapters
1
Why is the Trump administration considering restrictions on U.S. diesel exports?
0:00–2:50
2
How would limiting diesel shipments affect U.S. gasoline prices and inflation?
2:50–5:25
3
What are the oil industry’s main objections to a diesel export ban?
5:25–8:08
4
Which Republican candidates are pushing for export restrictions and why?
8:08–10:23
5
How could a voluntary export cap differ from an outright diesel ban?
10:23–13:12
6
What is Meta’s new AI agent Muse and why is it gaining user traction?
13:12–13:38