Trump vs Europe as US presses for release of emergency diesel stocks
Summary
The Trump administration is urging European countries to release diesel from their emergency reserves to help lower rising fuel prices caused by conflicts involving the US, Israel, Iran, and Russia. Europe is discussing a coordinated response, while the US faces record-high diesel prices and considers limiting its diesel exports before the November midterm elections.Key Facts
- The US and Israel's actions against Iran, plus Russia's invasion of Ukraine, have raised global diesel prices.
- US diesel prices reached a record $6.53 per gallon last week.
- European diesel prices also hit record highs at 2.24 euros per litre (about $9.56 per gallon).
- President Trump and Treasury Secretary Scott Bessent asked Europe to release diesel stockpiles to help reduce prices.
- The US sent a request to Europe to release 120 million barrels of diesel over 180 days.
- Europe’s trade chief discussed price spikes and coordinated action with US officials at a G-20 meeting.
- The US is considering restricting diesel exports to protect domestic supply ahead of midterm elections.
- Disruptions to diesel supply come from reduced exports from Russia, the Middle East, and China.
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