Key Facts

• President Trump made the request during Xi Jinping’s first state visit to the U.S. in over ten years.
• The goal is to increase refined petroleum product supply to stabilize global fuel prices.
• Ongoing conflict in Iran and control of the Strait of Hormuz limits oil and gas flow, impacting global supply.
• Russia’s diesel production has dropped due to war damages and Western sanctions.
• China has built large oil reserves and had limited its fuel exports to protect domestic supply earlier this year.
• China relaxed its export limits recently, increasing exports of gasoline, diesel, and jet fuel.
• High diesel prices in the U.S. heavily affect households, farmers, truckers, and construction businesses.
• Current average diesel prices in the U.S. are about $6.50 per gallon, nearly double from a year ago.