Trump Presses Europe to Release Diesel Reserves as US Prices Surge

The Trump administration has pressed Europe to release diesel from its reserves to the market to boost supply after diesel prices in the US surged.

According to Politico and other foreign media outlets on October 1, President Donald Trump indicated he could ask European countries to release stockpiled diesel. Asked about the matter, he said, "We can do that," adding that "they have some diesel" in Europe.

US diesel prices currently stand at $6.38 a gallon, sharply higher than $3.70 a year ago. Supply disruptions have persisted in the aftermath of the wars in Iran and Ukraine. As the harvest season approaches, farmers are also facing rising costs for agricultural equipment, logistics and heating.

US Energy Secretary Chris Wright also emphasized the need for Europe to release its reserves. Asked in a Fox News interview whether he would request that Europe release stockpiled diesel, Wright replied, "Of course."

He said Europe can also play a role in easing the current situation and that he expects it to do so. "Now is the time to put more diesel into the market," he said. He added that, with available supply on hand, he expects positive news soon.

The Trump administration's plan is to expand global diesel supply by increasing utilization at US refineries while also pushing Europe to release its reserves.