President Donald Trump has stepped up pressure on European allies to release emergency diesel reserves as his administration considers restricting US exports of the fuel, a move that could deepen supply concerns in markets reliant on American shipments.
Trump said he may ask European countries to release some of their diesel reserves while he weighs a ban on US diesel exports. The administration has focused its appeal on Germany and France, urging them to tap strategic stockpiles to ease fuel prices.
US Treasury Secretary Scott Bessent reinforced the demand in a social media post, calling on Europe to prepare an immediate release of some of its diesel supplies. The White House has presented the request as reciprocal, pointing to a US release of 172 million barrels of diesel under an agreement reached in March among members of the International Energy Agency (IEA).
US Energy Secretary Chris Wright said he was “highly confident” that Europe could reduce fuel prices by drawing on emergency diesel inventories. He said: “This is a time for a coordinated release of diesel stores as we go into harvest season and we go into winter heating oil season.”
The pressure comes as diesel costs have risen sharply on both sides of the Atlantic. Diesel prices reached record highs at UK forecourts this week. The latest figures from the RAC put the average pump price at 199.79p per litre, compared with 142.38p.
In Germany, the ADAC motoring club reported an average diesel price of €2.409 per liter on Thursday. In the US, average diesel prices have climbed over 70% to $6.39 per US gallon since the start of the Iran war, according to AAA motor club data.
Fuel costs have become a political problem for the administration. The surge has stoked public anger in the US and anxiety within Trump’s Republican Party over the potential loss of control of Congress in the midterm elections.
The US exports between 1.2 and 1.5 million barrels per day of diesel, with most shipments sent to Latin America. Britain is heavily reliant on imported diesel from the US. Over half of UK diesel is imported, and 31% of those imports come from the US. The Netherlands and Belgium together account for more than a third of UK diesel imports.
There were 15.1 million diesel vehicles on UK roads at the end of June, leaving the country exposed to higher costs when supply concerns push up prices. The UK has been discussing the US supply threats with the EU.
The EU holds nearly 109 million tons of emergency crude and fuel stocks, with around a third in diesel and related fuel products. EU rules require member states to maintain reserves covering 61 days of domestic consumption.
European officials have rejected the prospect of an American export restriction. An EU spokesperson said the bloc “fully rejects” a potential US ban on diesel exports. EU trade chief Maros Sefcovic told reporters Thursday that such a move would be unexpected for Europeans.
An emergency meeting of the EU energy task force took place on Friday. The discussions were intended to develop a common response to the US threat and the administration’s call for reserve releases.
It remains unclear whether European governments will agree to draw down their stocks, which volumes they might make available, or whether Trump will proceed with an export ban. The effect of any coordinated reserve release on diesel prices is also unknown.
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