Washington Presses Europe to Release Diesel Reserves as Trump Weighs an Export Ban

The United States pressed European allies over diesel reserves while President Donald Trump threatened to ban US diesel exports¹. Treasury Secretary Scott Bessent urged Europe to immediately ready and release such supplies, arguing on behalf of US farmers¹. Bessent made the call in a post on social media, and EU member states were set to meet the European Commission on Friday to discuss a response².

Energy Secretary Chris Wright told Fox News on Thursday that he was highly confident Europe could ease fuel prices by drawing down emergency stockpiles³. One account described the approach as coercion, with European capitals told to release their emergency diesel supplies or face a US export ban⁴.

Why it matters to investors

Diesel is the price that runs through freight, farming and heavy industry, and it is now at records in several markets. The average price of a litre of diesel at the UK pump stands at an all-time high of 200.01p, according to the RAC motoring body⁷. In the Americas, MGO prices jumped 10 per cent in September, according to Energy Information Administration data cited in the same report⁹.

Europe’s response has been to seek coordination rather than comply unilaterally. EU trade chief Maroš Šefčovič said the bloc wants a coordinated approach with the United States on lowering diesel prices⁵. EU nations were called to an emergency meeting on prices, with Šefčovič speaking to reporters on the sidelines of the G20 trade ministerial and raising energy exports with US Trade Representative Jamieson Greer⁶.

What to watch

The export ban is not settled policy inside the administration. A former energy secretary criticised the plan, in reporting that described an internal debate over how to address record fuel prices¹⁰. Interior Secretary Doug Burgum similarly rejected the idea¹⁰. Wright himself has been reported as opposed to a blanket ban while urging EU countries to act⁹.

Britain is negotiating separately. A UK official, Fahnbulleh, is in direct contact with Wright to discuss the possible US move to choke off exports, in what was reported as emergency talks as the diesel crisis escalates⁸. For refiners the two outcomes are not symmetrical. A European stock release adds supply to the Atlantic basin, while a US export ban would trap product on one side of it^4,8.