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Diesel just hit the highest price in U.S. history, and President Donald Trump wants to keep more of it at home.
“I’ve said let’s not send out the diesel. We make a lot of diesel. I’ve called for it,” Trump said on Tuesday, Sept. 22, while in New York for the United Nations General Assembly. (1)
The White House later called a report of a planned 90-day export ban “inaccurate.” (2) Then on Sunday, Trump told Fox: “we’re looking at it very seriously — we may do it.” (3)
Here’s why this matters if you’re retired and live in the Northeast. Heating oil is essentially the same fuel as diesel. Nearly 5 million U.S. households heat with oil, and 82% of them are in the Northeast, according to the U.S. Energy Information Administration. (4)
Diesel set a record of about $6.53 a gallon on Sept. 22, according to AAA. (5) The EIA says distillate fuel inventories, the category that includes both diesel and heating oil, will stay below their five-year low through much of 2027. (6)
I’ve been writing about money for more than 35 years, through more than one energy shock. Washington may or may not act. Your furnace won’t wait. Here are six moves to make before the first cold snap.
1. Don’t count on an export ban to save you
Trump’s instinct is understandable: The U.S. makes a lot of diesel, so why ship it overseas while Americans pay record prices?
But his own Energy Secretary, Chris Wright, has pushed back on a simple ban. “We’re trying to avoid a blunt hammer of a government policy,” he said. (3)
GasBuddy analyst Patrick De Haan warned that if diesel exports get banned, gasoline “prices could rise toward record levels.” (1) Refiners’ trade group, the American Fuel & Petrochemical Manufacturers, warned it would cut refinery output and raise prices. (1)
Maybe a ban happens. Maybe it helps. Either way, plan as if this winter’s heating oil will be expensive.
2. Call your oil dealer now, not in January
The EIA stopped publishing weekly residential heating oil prices for the summer. The last reading, on March 30, was about $5.54 a gallon nationally. Weekly prices return in October. (7)
With diesel well above $6 today, that’s a warning sign. Call your dealer this week and ask three questions: What’s today’s price? Do you offer a fixed-price or capped-price contract for the season? And what are the fees and fine print?
A locked price can protect you if prices keep climbing. But it can cost you if prices fall, so read the terms before you sign.
3. Spread the bill out
A single fill-up for a big tank can run well over $1,000 at these prices. That’s a gut punch on a fixed income.
Many dealers and utilities offer budget plans that spread your estimated winter cost into equal monthly payments. It doesn’t lower the price, but it keeps one cold month from blowing up your budget.
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4. Get the furnace or boiler checked before it’s cold
When fuel is expensive, a system that’s burning inefficiently wastes money every hour it runs. And a breakdown in January means paying emergency rates, if you can get a technician at all.
Schedule your tune-up now. While you’re at it, think about what happens if the system quits.
Furnaces, water heaters, refrigerators — home systems don’t fail on schedule, and replacing them can run into the thousands. On a fixed income, one bad month can undo a year of careful budgeting.
Choice Home Warranty turns those surprises into one predictable monthly cost. See what predictability costs — get a free quote today.
5. Turn the thermostat down and seal the leaks
The cheapest gallon of oil is the one you don’t burn.
The U.S. Department of Energy says turning your thermostat back 7 to 10 degrees for eight hours a day can save as much as 10% a year on heating. (8) It also says about 30% of a home’s heating energy is lost through windows. (8)
Weatherstripping, caulk and window insulation kits are cheap at the hardware store. At today’s fuel prices, they can pay for themselves quickly.
6. Ask for help if you need it
If you’re struggling, the Low Income Home Energy Assistance Program helps eligible households pay heating bills. You apply through your state or local agency, not the federal government. (9)
Congress provided about $4 billion for the program in fiscal 2026, but the administration has again proposed eliminating it for fiscal 2027, according to the American Public Power Association. (10) If you think you qualify, apply early, before money runs short.
And if you’re driving, too, don’t forget the gas pump. Upside is a free app that pays you real cash — up to 25¢ a gallon — at stations you already use, including Shell, BP, and Exxon. Start earning on your next tank.
The bottom line
The president is right that record diesel prices are a real problem for real families. I’m not sure an export ban is the fix, and neither is his own Energy Secretary.
But you don’t need to wait for Washington to settle it. Lock in what you can, spread out what you can’t, fix the furnace, and turn the heat down a notch.
Winter always arrives on schedule. The only question is whether your budget is ready when it does.
Sources: 1. Fortune; 2. Forbes; 3. Yahoo Finance; 4. U.S. Energy Information Administration; 5. AAA; 6. U.S. Energy Information Administration; 7. U.S. Energy Information Administration; 8. U.S. Department of Energy; 9. LIHEAP Clearinghouse; 10. American Public Power Association
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