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The Trump administration is pushing European countries to release their emergency diesel reserves to help bring down fuel prices, which have surged since the start of the war with Iran.
Getting into it: Treasury Secretary Scott Bessent called on Europe Thursday to “immediately” tap its stockpiles, and President Trump told reporters shortly after that the US “may” formally ask, adding, “They have some diesel.” The US is focused mainly on France and Germany, which hold most of Europe’s emergency diesel.
Diesel now averages roughly $6.38 a gallon in the US, about 70% higher than when the war started and just off last week’s record of $6.53. Prices have also hit all-time highs in the UK and at least 12 EU countries. Diesel has been rising even faster than gas since July, after Russian refineries were knocked out by Ukrainian drone strikes and Russia banned diesel exports, a ban the Kremlin just extended through the end of October.
“Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions,” Bessent said. “American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage.”
Europe hasn’t committed to anything yet, with a European Commission spokesperson saying only that officials are “in very close contact” with member states and the US, despite Energy Secretary Chris Wright promising Wednesday that “announcements from our friends in Europe” were coming. At the same time, Trump said he’s “thinking about” banning US diesel exports, a move that would hit Europe hard since the US ships out up to 1.5 million barrels a day. EU trade chief Maros Sefcovic said a ban would have “very dramatic consequences” for Europe’s economy, and the UK met with European counterparts Thursday to plan a response if it happens.
This all comes less than five weeks before the midterms, as Republicans scramble to bring down fuel prices, with Trump insisting the war “will very soon be ending one way or the other” and that oil prices will then “drop like a rock.”
