U.S. Energy Secretary: Blunt Tool of Banning Diesel Exports Doesn't Work

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.