Meridith McGraw and Collin Eaton

President Trump said Tuesday he is considering restricting diesel exports in an effort to curb soaring fuel prices, an idea that is quickly gaining traction with more Republicans ahead of the midterm elections.

"I've called for that, too. I said, 'Let's not send out the diesel.' We make a lot of diesel. It could have a little of an effect on regular automobile gasoline, because when you do that, it's sort of a flow, a balance. I've called for it-I've called for it with my people," Trump told reporters during a meeting with Ukrainian President Volodymyr Zelensky on the sidelines of the United Nations General Assembly in New York.

Treasury Secretary Scott Bessent said the U.S. is "examining" a diesel export ban and "whether it's feasible in the overall refining capacity and whether a full or partial ban would work."

Trump said the decision would be coming "fast, one way or the other."

In the U.S., diesel prices have vaulted to new records in the wake of the missile strikes that have crippled fuel-making facilities in the Middle East and Russia. The national average for a gallon of diesel reached $6.53 on Tuesday, up nearly a dollar over the past month, according to Oil Price Information Service, or OPIS, a Dow Jones company.

Commercial diesel inventories in the U.S. have dropped 11% since the start of the war with Iran, while exports of the fuel are up 31% on a weekly basis, according to the Energy Information Administration.

Rumors have swirled for weeks that Trump officials were considering a temporary ban on some fuel exports, but the administration repeatedly denied it would resort to that measure. The oil industry is strongly opposed to any export ban, given U.S. fuel makers are likely to lose the trust of some overseas buyers.

Though an export ban could provide some temporary easing of fuel prices, analysts say a ban could backfire longer term. If the U.S. implements an export ban, domestic refineries are likely to decide to process less crude since they will have lost overseas customers. In that scenario, they would make less gasoline and jet fuel, as well, leading to higher prices.

The idea of implementing an export ban on diesel used in trucks and farm machinery has gained support with some farm-state Republicans and GOP candidates who are facing tough elections in November.

Rep. Ashley Hinson (R., Iowa), who is running for the open Senate seat in Iowa, said Monday she wanted the Trump administration to pause diesel exports in an effort to lower prices, arguing Iowans "shouldn't have to foot the bill at the pump or the checkout line for the war in Iran." Rep. Mariannette Miller-Meeks (R., Iowa) also said she wanted Trump to suspend diesel exports and gas taxes.

Former GOP Rep. Mike Rogers, running for Senate in Michigan, and Alaska GOP Sen. Dan Sullivan, who is seeking re-election, have called for a temporary pause of diesel exports. Sen. Chuck Grassley (R., Iowa) said the president should put a ban on diesel exports similar to agricultural-product embargoes imposed by presidents in the 1970s amid elevated food prices.

A diesel export ban is one of several ideas currently being weighed by the Trump administration to bring down soaring energy prices for American consumers and businesses. Trump has blamed the war in Ukraine for high diesel prices and the ripple effect Ukrainian attacks on Russian oil infrastructure has had on global energy supplies.

Globally, diesel supplies have tightened dramatically following conflicts that compromised refineries and trade routes in the Middle East and Russia. China, South Korea and Japan have curtailed exports of fuel as well, after crude supplies moving through the Strait of Hormuz stalled for months.

The U.S., the world's largest producer of oil, is among the last major global suppliers of diesel and other fuels. The U.S. has some of the largest refineries globally, with huge complexes on the Gulf Coast and in the Midwest and California. America produces more fuel than it consumes, and refiners have historically shipped large amounts abroad to chase higher prices.

The U.S. imposed a 40-year ban on crude exports in 1975 following the Arab oil embargo, when the country relied heavily on foreign crude for its refineries. Congress lifted the ban in 2015, and the oil industry has lobbied hard to keep Washington from imposing another one, given that lifting an export ban is far more difficult politically than imposing one in an emergency.