Price controls are always a bad idea. They create shortages, profit losses, and eventually much higher prices when the controls are finally lifted. So this administration idea of a diesel export ban, is a problem if it really goes through.

Think of it this way, President Trump would be taking some number of barrels per day of diesel fuel off the market. That’s what a ban is. I don’t know the exact numbers, but the American Petroleum Institute says that of the 8 million barrels of diesel fuel that is traded by sea, America supplies about 1.5 million barrels of diesel, that’s about 20 percent.

So an export ban would take a big chunk off the…

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