{"text":[[{"start":8.1,"text":"Diesel prices will not return to normal for more than a year, according to US oil and gas executives surveyed by the Federal Reserve Bank of Dallas. "}],[{"start":16.799999999999997,"text":"Almost half of those polled expect diesel prices will take more than four quarters to return to 2025 levels, according to the anonymous survey of 100 oil and gas companies."}],[{"start":28.549999999999997,"text":"The Dallas Fed quarterly survey tracks the sentiment in the oil industry, with its anonymous format often giving a candid view of US energy policy and politics."}],[{"start":38.699999999999996,"text":"The survey reflects how the fuel crisis caused by the Iran war and Ukraine’s attacks on Russian refining facilities will have an enduring impact on global energy markets in the months to come."}],[{"start":49,"text":"“Diesel is the mother’s milk of the economy,” said one respondent from an oil and gas support services company. “We are just starting to see the impact on the wider economy.” "}],[{"start":58.6,"text":"US diesel hit a record high of $6.50 a gallon earlier this month, surging past a previous peak set in 2022, with the squeeze on supplies from the Middle East fuelling inflation and increasing voters’ frustration with the Republican Party ahead of the November midterm elections. "}],[{"start":77.4,"text":"On Monday Donald Trump held talks with advisers over whether or not to move ahead with a diesel export ban to lower domestic prices. "}],[{"start":85.60000000000001,"text":"Washington has increased pressure on European allies to release diesel stocks from their reserves, and US officials have discussed asking China to boost diesel production."}],[{"start":95.7,"text":"Diesel price rises have also been driven by Ukrainian attacks on Russian refining facilities. “I don’t think Russian diesel exports will resume any time soon, and China may hold the refining cards and ability to supply,” said one Dallas Fed participant. "}],[{"start":111.95,"text":"A US diesel export ban would lower prices in the short term by pushing more supply into the domestic market, but analysts said the strategy would ultimately result in higher fuel prices."}],[{"start":124.85000000000001,"text":"Buyers in Europe and Latin America, who had been relying on US exports to compensate for a shortfall in Middle East production, would be hit by significantly higher prices, according to Claudio Galimberti, chief economist at Rystad Energy."}],[{"start":140,"text":"“A formal ban would push diesel prices sharply higher in Europe and Latin America, which are already running low on product stocks, while domestic US gasoline and jet fuel prices would rise over time as US Gulf Coast refiners would be forced to reduce their runs before long,” said Galimberti."}],[{"start":158.85,"text":"The diesel price surge has hit farmers and small businesses in the US and Republicans fear that, unless the cost comes down, it may result in a voter backlash in the midterms. "}],[{"start":168.9,"text":"In Texas, where the race for a US Senate seat has become unexpectedly close, governor Greg Abbott on Monday declared a statewide disaster over diesel prices. He lifted some restrictions on commercial transportation to help cut costs. "}],[{"start":183.5,"text":"The proclamation allows the use of dyed diesel, an off-road fuel that is usually barred for use on public roadways, on roads in Texas. The governor also requested that the EPA temporarily waive federal ultra-low sulphur diesel requirements. "}],[{"start":198.8,"text":"“Texas agriculture and freight run on diesel,” said Abbott. “Record prices put both industries at risk and raise costs for every Texas family. Farmers and truckers can now use dyed diesel on Texas roads, and fuel, crop and timber loads can move at a higher weight.” "}],[{"start":222.35,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790828723_5375.mp3"}