Trump announces: He will release the bulk of Europe's diesel stocks.
U.S. President Donald Trump announced that he has agreed to release a large portion of Europe's stored diesel fuel and that the process will begin immediately.
U.S. President Donald Trump made a striking statement about Europe's diesel fuel stocks. Trump announced on his Truth Social account that he has agreed to release a large portion of the diesel stored in Europe's depots.
Trump, in his post,“Europe has agreed to release a large amount of the diesel it holds in stock. The process will begin immediately.”He used those words.
Diesel Price Reached Record Level
According to the American Automobile Association (AAA), the average price per gallon of diesel in the U.S. hit a record of $6.53 on September 22.
The average gallon price of its fuel was recorded at $6.37 as of October 2.
The Trump administration is evaluating various options to curb the recent rise in gasoline prices.
Restriction on Diesel Exports on the Agenda
Trump had said he was still evaluating the option of restricting U.S. diesel exports due to rising diesel prices this week.
The U.S. President, in a statement made a day earlier, said he could ask European countries to release their diesel fuel stocks onto the market.
U.S. Treasury Secretary Scott Bessent also called on European partners to address disruptions in global diesel supply.
Bessent asked the European countries to accelerate the process of fulfilling their existing commitments and to bring additional diesel supply to market without delay.
Europe's Reserves on the Agenda
The U.S. administration had previously reported that it wanted European Union countries to release about a third of the diesel in their strategic reserves to curb rising fuel prices.
With Trump's latest statement, the question of how much diesel stock in Europe and on what timetable it would be released resurfaced.
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