Will diesel prices go down? Trump says Europe to draw on reserves
President Donald Trump announced that European nations will release emergency diesel reserves to help lower prices following U.S. threats to ban diesel exports. The G-7 nations agreed to a coordinated release of 100 million barrels to stabilize energy markets.
Why it matters
This move highlights the intersection of international trade policy, energy security, and the diplomatic tensions between the U.S. and its G-7 allies.
Hear this story BRUSSELS – President Donald Trump said European countries will release a “massive amount” of emergency diesel reserves in a bid to lower prices, acquiescing to U.S. demands after Trump threatened to impose a ban on diesel exports.
The European countries agreed Oct. 2 to draw on their diesel stocks after France convened a meeting of leaders from the Group of Seven to coordinate efforts to bring down energy prices and discuss the threat of a U.S. diesel export ban.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” Trump wrote on social media . “The process will begin immediately.”
The G-7 leaders announced Oct. 2 that its members would participate in a “coordinated release” of 100 million barrels through the International Energy Agency over the next four months, “including a frontloaded substantial diesel release within the first 20 days.”
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