U.S. Presses Europe to Make Diesel Supplies Available Amid Price Surge

The U.S. is pressing European partners to make diesel supplies available as prices climb and President Donald Trump considers restricting exports, a move that could add pressure to Europe’s economy.

Treasury Secretary Scott Bessent urged allies Thursday to speed up existing commitments and release additional supplies immediately. Trump has said he may ask European countries to release diesel reserves, while also weighing a U.S. export ban.

EU member states are scheduled to hold crisis talks Friday to coordinate a response to soaring fuel costs. The bloc’s exposure is significant: the U.S. supplied about half of its diesel imports in August.

Average U.S. diesel prices reached a record $6.50 per gallon late last month. Disruptions tied to the Iran war and Russia’s invasion of Ukraine have tightened supplies.