Donald Trump has indicated he may urge European nations to release diesel reserves while evaluating restrictions on U.S. diesel exports due to a global supply crunch.
These remarks follow Treasury Secretary Scott Bessent’s call for European countries to immediately prepare additional fuel supplies, citing soaring prices that impose heavy burdens on American farmers, truckers, and businesses.
The U.S. has threatened to limit diesel exports amid surging costs linked to the war in Iran, an issue resonating with voters ahead of pivotal midterm elections.
On Thursday, the UK engaged with European partners to explore releasing diesel stockpiles should export restrictions be implemented.
The U.S. exports between 1.2 and 1.5 million barrels of diesel daily, with experts warning that export bans could further pressure global prices.
“We’re considering this very seriously,” Trump stated over the weekend regarding the potential ban.
On Thursday, Trump additionally suggested European nations should release their diesel reserves, aligning with Bessent’s urgent appeals for increased supply availability to address disruptions.
“Our European partners must accelerate delivery of existing commitments and provide additional supplies immediately,” Bessent wrote on social media, emphasizing the need for enhanced cooperation.
The proposed measures coincide with November U.S. elections where control of Congress hangs in the balance. Trump is campaigning across the nation to support Republican candidates aiming to retain both chambers.
UK diesel prices reached record highs this week, hovering near 200 pence per litre, according to the RAC.
UK Energy Minister Martin McCluskey discussed coordinated responses with European counterparts on Thursday, exploring potential supply adjustments.
A source familiar with the talks told the BBC that preparing a unified approach with EU partners remains prudent, though residual reserves from earlier regional releases are still available.
“We maintain a diverse and resilient supply chain. We continue engaging with international partners and the UK fuel industry,” a government spokesperson stated, noting no immediate risk of shortages but acknowledging potential further price increases.
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