USA · updated 12m ago · 2 min read
Trump Pressures Europe To Release Diesel Reserves, Threatens Export Curbs
Trump pressed Germany and France to release emergency diesel stocks to curb prices. Administration weighing a 90-day diesel export ban while officials debate alternatives.
Whether a 90-day ban plan is being prepared.
7 of 8 outlets skipped it: WTO law may govern a temporary export restriction justification.
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CBC
“a White House official on Thursday denieda Politico reportthat the U.S. is actively preparing a 90-day ban of diesel exports”Read the original ↗
CNBC
“Politico Wednesday citing unnamed sources that the administration was preparing a plan to ban diesel exports for 90 days drove down diesel futures and shares of U.S. oil refiners.”Read the original ↗
CBC reports a White House denial of a 90-day ban plan, while CNBC repeats Politico sources preparing it.
Trump targets diesel prices
President Donald Trump said the US could ask European countries to release diesel reserves as Washington tries to rein in rising diesel prices tied to the war on Iran.
Treasury Secretary Scott Bessent urged Europe to “immediately” tap its reserves, and Trump told reporters “We may do that. They have some diesel.”
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 surged to a record $6.53 per gallon a week ago, and the spike prompted Trump and Republican lawmakers to consider restricting US diesel exports ahead of upcoming midterm elections.
Europe weighs response
EU trade chief Maros Sefcovic said a US ban on diesel would be “unexpected” but would have detrimental effects on Europe’s economy. Sefcovic told reporters that “It would have very serious consequences for our economic performance,” while France’s Deputy Minister for Foreign Trade Nicolas Forissier said, “I don’t imagine there will be a ban.”
The US Treasury Department pressed Europe to act “immediately,” and a Commission spokesperson said EU member states would meet with the European Commission on Friday to discuss a coordinated response. US Trade Representative Jamieson Greer said 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.”
Export curbs and elections
The Trump administration’s pressure campaign also included consideration of restricting US diesel exports, with the BBC saying Trump was mulling a ban on US exports of the fuel amid a global shortage. The BBC reported that the US is a vital supplier of diesel to the world, exporting between 1.2 and 1.5 million barrels per day, and it warned that a ban could put further pressure on prices in other countries.
The diesel price surge became a political issue ahead of the November midterm elections, with the BBC saying Trump is set to travel across the US campaigning for Republicans in hopes of keeping control of the House and Senate. Bessent framed the stakes by saying, “American farmers, truckers, and businesses should not be left carrying the burden,” as European capitals coordinate diesel measures and the US seeks additional supplies immediately available to address ongoing disruptions.