Trump Presses Europe for Diesel Release as Prices Soar Ahead of Elections

The Trump administration has formally asked European leaders to release 120 million barrels of emergency diesel over 180 days, intensifying transatlantic tensions as fuel costs hit record highs ahead of the November midterm elections. Washington views the move as essential to lowering domestic costs, but European officials warn that a rushed release could destabilize global markets and trigger retaliatory US export bans.

Global diesel prices surged after conflicts in Ukraine and the Middle East disrupted energy routes. US diesel reached a record $6.53 per gallon last week, while European averages climbed to 2.24 euros per litre, equivalent to $9.56 per gallon. A White House official noted that lost exports from Russia, the Middle East, and China have left American refiners operating at record capacity without enough supply to meet demand.

In response, France, Germany, Italy, Ireland, and the UK met with the European Commission to coordinate a unified stance. European leaders drafted a counter-proposal suggesting a joint release of 50 million barrels of diesel and 50 million barrels of crude oil through the International Energy Agency. Treasury Secretary Scott Bessent had urged immediate action, stating, “Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions,”