WASHINGTON: President Donald Trump said Thursday the United States may ask European countries to release emergency diesel reserves as Washington considers restricting U.S. fuel exports amid a global supply crunch.
Trump’s comments came after Treasury Secretary Scott Bessent urged European countries to release their stockpiles immediately, arguing that U.S. farmers, truckers and businesses should not bear the full burden of soaring fuel prices.
The Trump administration has warned that it could restrict diesel exports as domestic prices climb. The United States is a major global diesel supplier, exporting about 1.2 million to 1.5 million barrels per day, and analysts have warned that an export ban could tighten supplies and push prices higher in other markets.
“We’re thinking about it very seriously,” Trump said over the weekend when asked about restricting diesel exports.
On Thursday, he said the United States could ask European countries to draw down some of their reserves. Bessent separately called for immediate action.
“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.
The administration has specifically pressed France and Germany to release emergency diesel stocks. Reuters reported that Washington is seeking the release of about 120 million barrels from European reserves over six months.
European governments are already discussing a coordinated response. Britain held talks with European partners Thursday on the possible release of diesel reserves, while the European Commission said discussions were taking place with senior U.S. officials and European governments.
The issue is particularly significant for the United Kingdom, where average diesel prices reached a record 199.79 pence per liter this week, according to the RAC. Britain relies heavily on imported diesel because its refineries do not produce enough to meet domestic demand.
UK Energy Minister Martin McCluskey joined European counterparts in discussions about a possible response. A British government spokesperson said the country has a “diverse and resilient supply” and remains in contact with international partners and the fuel industry.
Global diesel supplies have come under additional pressure from disruptions linked to the conflict involving Iran, Russia’s diesel export restrictions and China’s decision to halt most fuel exports in October. Reuters reported that Russia has extended its diesel export ban through October, while China has restricted refined-fuel shipments.
Diesel is particularly difficult to replace quickly because it is heavily used by freight companies, farmers and other industries. Demand can also rise during the harvest and winter heating seasons, adding to concerns over available supplies.
David Fyfe, chief economist at Argus Media, said restricting U.S. diesel exports could put further upward pressure on international prices.
The potential export restrictions come weeks before the U.S. midterm elections, when control of Congress will be contested.
