Europe Discussing Plan for Diesel Stock Releases After US Pressure, Source Says
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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EU countries discussed France's proposal in a video conference on Friday - A new video conference of G7 leaders is expected this afternoon
Diesel is becoming more scarce internationally and therefore more expensive. Therefore, the EU hopes for a joint approach with the USA. Thus, it wants to prevent an export ban for American diesel.
Oil prices extend losses after reports of potential European diesel, crude stock release
France, Germany, Britain, Italy and Ireland have agreed to a coordinated response to pressure from the administration of US President Donald Trump to release diesel fuel reserves. The European Commission also participated in the emergency talks. Three European officials told Politico about the agreements, quoted by the European Truth. According to two of them, Washington has secretly insisted that the five countries use their reserves. Otherwise…
The United Kingdom, France, Ireland, and Italy are consulting with the European Commission on whether European diesel reserves should be tapped into now that US President Donald Trump is threatening a national ban on diesel exports. According to Lucia van Geuns, an energy expert affiliated with The Hague Centre for Strategic Studies, tapping into those reserves will make little difference.
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