President Donald Trump has said that the US could ask European countries to release diesel reserves, as Washington tries to rein in rising diesel prices due to the war on Iran. The US president told reporters on Thursday that his administration “may” ask European countries to release diesel stocks, shortly after Treasury Secretary Scott Bessent urged Europe to “immediately” tap its reserves. Earlier, US Trade Representative Jamieson Greer said that he believes France, Germany and Italy “would love to have a cooperative path forward with the United States on how we get more diesel to market”.
European capitals have spent Thursday coordinating diesel measures, while US Energy Secretary Chris Wright said he was “highly confident” Europe could help ease soaring global prices by releasing emergency diesel inventories. US diesel prices have surged, hitting a record of $6.53 per gallon a week ago, as data published by the European Commission showed 12 EU member states had recorded new all-time highs, including Italy, Belgium, Romania and Poland. The spike in US diesel prices prompted the Trump administration and Republican lawmakers to consider restricting US diesel exports ahead of upcoming midterm elections. France and Germany hold more than a third of the EU’s strategic diesel reserves, according to the news agency.
EU trade chief Maros Sefcovic said a US ban on diesel would be “unexpected” but would have detrimental effects on Europe’s economy.
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