{"text":[[{"start":0,"text":"The US oil industry has urged Donald Trump not to ban diesel exports, warning there was no “silver bullet” to the fuel price crisis gripping the country after the president signalled support for a pause."}],[{"start":21.44,"text":"Industry groups representing the country’s biggest oil producers and refiners, as well as manufacturers and the wider business community, insisted in a letter on Wednesday that there were “no easy answers” to the supply crunch that has pushed diesel to record prices weeks ahead of pivotal midterm elections."}],[{"start":38.44,"text":"“We urge you to reject calls to ban or otherwise limit the exports of diesel and other products that have made the US energy industry so strong,” wrote the signatories, which included leading energy lobby groups such as the American Petroleum Institute, American Fuel & Petrochemical Manufacturers and American Exploration & Production Council."}],[{"start":59.16,"text":"Big cross-sector groups such as the Business Roundtable and US Chamber of Commerce also signed the letter, as did the National Association of Manufacturers."}],[{"start":67.72,"text":"“Export bans would lead to less fuel production, tighter supplies and rising costs for American families, farmers and truckers,” they said. “While we understand the urge for a silver bullet, there are no easy answers.”"}],[{"start":80.16,"text":"The plea comes after Republican legislators from agricultural districts appeared to have been successful in their campaign to convince the president to consider suspending exports of diesel as soaring prices batter truckers and farmers."}],[{"start":92.206,"text":"US diesel prices have surged to reach record highs of more than $6.50 a gallon this week as wars in the Middle East and Ukraine strain supplies, knocking out about a tenth of global refining capacity. American refineries have been running full tilt to fill the gap, earning huge profits in the process."}],[{"start":110.74,"text":"As recently as Monday the White House had insisted a ban was not on the table. But on Tuesday, Trump reversed course. “I’ve said let’s not send out the diesel,” he said. “I’ve called for it within my people.”"}],[{"start":122.52,"text":"Following the president’s remarks, Treasury secretary Scott Bessent said the administration was “examining . . . whether it’s feasible in terms of the overall refining capacity and whether a full or partial ban would work”."}],[{"start":134.76,"text":"An export ban would ease US prices, at least temporarily, while wreaking havoc in Europe and Latin America, which rely heavily on imports of American fuel. European diesel prices jumped as much as 7 per cent on Wednesday as markets digested Trump’s comments."}],[{"start":153.36,"text":"They later pulled back after US energy secretary Chris Wright played down the prospect of a suspension. “The blunt tool of banning diesel exports definitely doesn’t work,” he said in New York."}],[{"start":164.8,"text":"In Wednesday’s letter, which was also signed by more than two dozen regional chambers of commerce and industry groups, the industry argued “an export ban would force reductions in refining utilisation, increase prices for gasoline and jet fuel, and lead to retaliatory actions from other countries”."}],[{"start":181.84,"text":"Chuck Grassley, the Iowa senator who has led calls for a ban, urged Trump to disregard the oil industry’s entreaties. “I hope WH doesnt listen 2 Big Oil who claim diesel export ban wont work,” he wrote on X."}],[{"start":200.72,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790221246_9055.mp3"}