Peter Schiff Warns Record Diesel Prices Could Leave US Vulnerable To Next Energy Shock, Says Trump's Diesel Export Ban Could 'Backfire'
Economist Peter Schiff warned that record diesel prices and the depleted Strategic Petroleum Reserve (SPR) could leave the U.S. with less of an energy buffer during a future supply shock amid the Iran war. Diesel Ban May Backfire In a video released on YouTube by Schiff on Thursday, the Echelon Wealth Partners co-founder said that “We got to be getting close to a point where we can’t tap into the strategic petroleum reserve anymore,” adding that prices were really “going to skyrocket” Schiff then asked what would happen if the U.S. has to grapple with “the type of emergency that the strategic reserves were established to help us deal with?” He added that there were no reserves left. “We’ve used up all of our reserve on a non-emergency,” Schiff said. Schiff argued that a diesel export ban could ultimately reduce domestic diesel production, calling the SPR drawdown a “mistake.” Read Also: US Airlines Oppose More China-US Flights as Xi Jinping Pushes for Expanded Air Links: Report Soaring Diesel Prices He also pointed to soaring diesel costs. “It’s insane how high they are over there,” talking about California’s diesel costs, which reached $9.999/gallon in some places. “We were going
S. with less of an energy buffer during a future supply shock amid the Iran war. S. ” He added that there were no reserves left.
“We’ve used up all of our reserve on a non-emergency,” Schiff said. ” Read Also: US Airlines Oppose More China-US Flights as Xi Jinping Pushes for Expanded Air Links: Report Soaring Diesel Prices He also pointed to soaring diesel costs. 999/gallon in some places. “We were going to ban exports of diesel…because we need our diesel here,” the investor said.
“But whenever the government does that, it generally backfires,” Schiff added. S. Chamber of Commerce, urged President Donald Trump to rescind the plan to ban diesel exports, echoing Energy Secretary Chris Wright and Secretary of the Interior Doug Burgum ‘s comments made earlier this week. S.
Treasury yields. S. that Iran could make Americans face gas shortages similar to the 1970s gas crisis. -led restrictions over Iran’s aviation sector.
S. agrees to return to the conditions laid out in the Memorandum of Understanding (MoU). 5141/gallon. 4918/gallon.
2882/gallon. 55 at press time. 07 at the time of writing this article. As oil prices slipped, ETFs tracking oil movement also showcased a decline.
29 during pre-market trading on Friday. 35. Read Also: Cathie Wood-led ARK Invest Says Oil Could Crash to $30-$35 Once Strait of Hormuz Reopens As Trump Touts Positive Iran Talks Check out more of Future Of Mobility coverage by following this link. Photo courtesy: Shutterstock