The United States has formally requested its European allies open their strategic diesel reserves, a move driven by soaring domestic prices that have reached historic highs of over $6.30 per gallon. This urgent plea comes amidst a rapidly worsening global energy crisis and significant economic stress, particularly impacting key transport sectors.
Soaring US Diesel Prices Drive Demand
Record-high diesel costs in the US, exacerbated by an ongoing military conflict with Iran, are prompting the White House to seek immediate relief. US Treasury Secretary Scott Bessent emphasized the need for European partners to fulfill existing commitments and make additional supplies available. "American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage," Bessent stated.
President Donald Trump affirmed the administration's active pursuit of European supplies, noting, "The prices are coming down. All prices are coming down." However, the high prices are a significant concern ahead of upcoming midterm elections.
Macron Calls for G7 Coordination, Warns on Bans
In response to Washington's demands and the broader energy instability, French President Emmanuel Macron held discussions with President Trump and Canadian Prime Minister Justin Trudeau. Macron urged G7 nations to coordinate their actions on global oil markets rather than resorting to unilateral measures.
The Élysée Palace confirmed Macron's call for an urgent G7 leaders' meeting to stabilize refined product supplies and combat price spikes. He explicitly warned against trade barriers, emphasizing that major powers must avoid export restrictions and take joint action to control global price hikes.
Washington has also raised the prospect of a potential ban on US diesel exports to protect domestic supplies. European officials, however, have warned that such a measure could have catastrophic consequences for their economies. EU trade chief Maros Sefcovic called a potential US export ban "unexpected for Europeans" with "very dramatic consequences."
European Allies Weigh Options
Following the US request, France has discreetly asked its European Union partners to consider tapping emergency fuel stockpiles. European leaders face the delicate balance of providing domestic price relief against the risk of depleting their strategic reserves.
France's minister delegate for international trade, Nicolas Forissier, adopted a cautious stance, confirming efforts to stabilize the market. "I can't imagine that there will be a ban," Forissier said, adding that France would seek "balanced solutions all over the world. If not with the Americans, it will be with other countries."
High-stakes emergency meetings are currently underway among European Commission officials and member states to negotiate a unified response to the escalating supply squeeze.