Trump says US may ask Europe to release diesel reserves

President Donald Trump has signaled that the United States may formally request European nations to release their strategic diesel reserves as Washington grapples with surging fuel costs exacerbated by the ongoing conflict with Iran. This potential move comes as the administration seeks to stabilize domestic energy markets ahead of critical midterm elections, with officials emphasizing the need for international cooperation to mitigate the inflationary pressures currently gripping the American economy.

Treasury Secretary Scott Bessent has been at the forefront of this push, urging European allies to immediately tap into their stockpiles to address supply chain disruptions. In a recent social media statement, Bessent noted that European partners should accelerate the delivery of existing commitments to ensure global market stability. Meanwhile, US Energy Secretary Chris Wright expressed high confidence that Europe possesses the capacity to assist, while US Trade Representative Jamieson Greer suggested that key nations like France, Germany, and Italy are likely to seek a cooperative path forward to resolve the current energy crunch.

The geopolitical landscape has been volatile, with the war on Iran significantly tightening global fuel supplies. US diesel prices recently hit a record high of $6.53 per gallon, a figure that has triggered alarm within the Trump administration and among Republican lawmakers. Data from the European Commission indicates that the crisis is not limited to the US, as 12 EU member states, including Italy, Belgium, Romania, and Poland, have also recorded all-time high fuel prices, reflecting the systemic nature of the current energy shortage.

If the US proceeds with a ban on diesel exports, the ramifications for Europe would be severe. EU trade chief Maros Sefcovic has warned that such a move would be entirely unexpected and could have detrimental effects on the European economy, which is already struggling with high costs. France and Germany, which collectively hold more than a third of the EU’s strategic diesel reserves, are currently coordinating with other capitals to determine the best course of action while balancing their own domestic energy security needs against the pressure from Washington.

Looking ahead, analysts suggest that the situation remains precarious as the intersection of military conflict and energy policy creates a complex diplomatic challenge. While the US administration views the release of reserves as a necessary intervention to lower prices, European leaders remain cautious about depleting their own strategic buffers. The future of global fuel prices will likely depend on whether a diplomatic consensus can be reached, or if the US will move forward with unilateral export restrictions that could further fracture transatlantic trade relations.