European Countries Agree on ‘Assertive’ Response to US Pressure on Diesel
EU officials said a reserve release could only trim diesel prices temporarily, after the average EU price hit $9.53 a gallon, according to the European Commission.
- On Oct. 1, European Member States held a call to discuss releasing diesel stocks from strategic reserves after President Donald Trump threatened to impose a diesel export ban.
- Trump supports the export ban to lower energy prices before November midterm elections, pressuring European Member States to draw from their own diesel reserves instead.
- Data from the European Commission shows the average price of a gallon of diesel is $9.53 in Europe, significantly higher than the $6.39 United States average according to AAA.
- Energy Secretary Chris Wright, who opposes a blanket export ban, stated on Sept. 30 that Europe is planning to bring new diesel supplies to market.
- Clay Seigle, an energy strategist, cautioned that a United States export ban would likely backfire, while experts warn that releasing emergency reserves would only lower prices temporarily.
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France, Germany, the United Kingdom, Italy, Ireland and the European Commission have prepared a joint strategy to confront the demands for the release of diesel fuel; negotiations with a wider range of countries will take place on Friday.
Five European countries agreed on Thursday, at an emergency meeting, to respond "in one voice to the growing pressure exerted by the US government for the release of petrol reserves, according to sources who are aware of this issue, quoted by POLITICO.
European countries are conducting emergency negotiations on how to respond to Washington's pressure to release strategic fuel reserves and avoid a possible export ban by the US. The European Union is coordinating a joint position after Washington sought some countries to release stocks with the aim of containing high fuel prices. European Energy Commissioner Dan Jørgensen met on Thursday with UK authorities, France, Italy, Ireland and Germany, a…
Europe faces pressure from Trump to help lower diesel prices
The European Commission and the Member States are meeting urgently in the face of soaring energy prices. An initiative motivated by pressure from Washington....
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