US President Donald Trump has said his administration may ask European countries to release their emergency diesel reserves as Washington seeks to address rising fuel prices linked to the ongoing war with Iran.
Trump made the remarks on Thursday, shortly after US Treasury Secretary Scott Bessent called on European countries to immediately make diesel supplies from their reserves available to help ease disruptions in global fuel markets.
“Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions,” Bessent said in a social media post.
US Trade Representative Jamieson Greer said France, Germany and Italy would likely be willing to cooperate with Washington on measures to increase diesel supplies.
European governments spent Thursday coordinating measures to respond to the diesel shortage, while US Energy Secretary Chris Wright said he was highly confident that Europe could help reduce global prices by releasing emergency diesel inventories.
Diesel prices in the United States have surged in recent weeks, reaching a record $6.53 per gallon, while the European Commission reported record diesel prices in 12 EU member states, including Italy, Belgium, Romania and Poland.
The sharp increase in US diesel prices has prompted the Trump administration and Republican lawmakers to consider restricting diesel exports as the country approaches the midterm elections.
France and Germany reportedly hold more than one-third of the European Union’s strategic diesel reserves.
EU Trade Commissioner Maros Sefcovic warned that a US ban on diesel exports would be unexpected and could have negative consequences for Europe’s economy.
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