What happened
The Trump administration has requested that European allies release diesel fuel from their emergency stockpiles to increase global supplies and reduce soaring prices. The average US price of diesel has risen by 70% since late February, reaching $6.38 per gallon. US Energy Secretary Chris Wright expressed confidence that Europe would agree to tap its diesel reserves, which could help lower prices.
However, US Trade Representative Jamieson Greer was more cautious, stating that he had discussed the idea with his French counterpart and was seeking a collaborative response. The European Union is in close contact with its member states on the issue and is having high-level discussions with the US administration.
The majority of Europe's emergency diesel reserves are stored in Germany and France. American and European oil refineries have been running at near full capacity to produce as much diesel fuel as possible. The price of diesel has been rising due to a combination of factors, including the war with Iran and Russia's ban on diesel exports.
The Trump administration is also considering imposing a ban on exports of US diesel, which could have significant implications for European countries and the global supply of diesel. An export ban would likely hit European countries hard and could raise the price of other fuels.