US weighs European diesel reserves as export curbs enter debate
Donald Trump says Washington may ask European countries to release diesel stocks as officials and Republican lawmakers consider restricting US exports amid rising prices.
The Trump administration is weighing ways to respond to rising diesel prices linked to the war on Iran, including a possible request for European countries to release reserves. President Donald Trump told reporters on Thursday that the US may make such a request; no formal approach has been confirmed.
Treasury Secretary Scott Bessent urged Europe to make additional reserve supplies available immediately, saying existing commitments should be accelerated to address disruptions. US Energy Secretary Chris Wright said he was highly confident Europe could help ease global prices by releasing emergency inventories.
US Trade Representative Jamieson Greer said he believed France, Germany and Italy would welcome cooperation with Washington on getting more diesel to market. European capitals spent Thursday coordinating diesel measures.
US diesel prices reached a reported record $6.53 a gallon a week ago. European Commission data cited in the report showed new all-time highs in 12 EU member states, including Italy, Belgium, Romania and Poland.
The administration and Republican lawmakers are considering restrictions on US diesel exports, but no ban has been enacted. EU trade chief Maros Sefcovic said a US ban would be unexpected and could harm Europe’s economy. France and Germany hold more than a third of the EU’s strategic diesel reserves, according to Reuters.
