After His Administration's Pressure.. Trump: Europe Agreed to Release Huge Amounts of Diesel Stock

- U.S. President Donald Trump announced on Friday that Europe has agreed to release vast amounts of its large stockpile of diesel fuel, following pressure from his administration on European Union countries to curb high fuel prices due to the Iran war. Trump wrote in a post on his official account on his platform "Truth Social": "Europe has just agreed to release vast amounts of its abundant stockpile of diesel fuel, and this process will begin immediately.

Kevin Hassett, director of the U.S. National Economic Council, told Fox Business on Friday that European allies have shown "great leniency" during ongoing talks about the possibility of releasing some diesel from their emergency reserves. Hassett stated that releasing European oil barrels into the markets could lead to a decrease in diesel prices, and he expressed optimism that Europe would provide assistance in this regard.

The national average price for a gallon of diesel is $6.37, which is about two dollars higher than the average price for a gallon of regular gasoline. Later, Hassett told reporters at the White House: "There is a lot of room for positive news."

Hassett added, referring to Europe: "They have an enormous amount of refined products, especially diesel, and we believe they likely have the capacity to help support the global economy right now." European officials held crisis talks amid increasing U.S. pressure on countries in the region to use their emergency diesel stockpiles to curb rising prices, or face a potential ban on U.S. fuel exports.

The European Commission stated in a statement that European officials discussed on Friday measures to address rising diesel prices, while France announced it would chair a meeting of G7 leaders on "the global energy situation" later on Friday. U.S. Treasury Secretary Scott Pruitt urged European countries on Thursday to release diesel stockpiles "immediately," writing in a post on the platform "X" that "American farmers, truck drivers, and businesses should not bear the burden of the global diesel shortage."

US Energy Secretary Chris Wright, who had previously expressed reservations about banning American diesel exports, told Fox News on Thursday that the United States "will definitely" ask Europe to release diesel from its strategic reserves. The threat from the US administration represents an escalation of pressure on Europe, as President Trump seeks to lower fuel prices in the United States ahead of the upcoming midterm elections scheduled for November.