US tells France and Germany to release diesel stocks or face US export ban: Report
U.S. officials want Europe to add 120 million barrels from reserves as diesel prices hit record highs and fuel political pressure ahead of November elections.
- On Wednesday, President Donald Trump said he is "thinking about" restricting diesel exports while acknowledging the move could raise gasoline prices.
- The Chamber of Commerce and American Petroleum Institute warned recently that an export ban would reduce fuel production, tightening supplies and raising costs for American families and businesses.
- Energy Secretary Chris Wright said American refiners are running at record highs and Europe will provide new diesel supplies to ease market pressures.
- Separately, the Pentagon is tapping SpaceX CEO Elon Musk and former House Speaker Newt Gingrich to identify future military capabilities as global tensions persist.
- Minneapolis Federal Reserve President Neel Kashkari told CNBC that "inflation is still too high," tempering market optimism as U.S. futures rose modestly Thursday.
308 Articles
308 Articles
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The threat reportedly caused anger to bubble up among several European leaders.
Europe’s Diesel Woes Just Got Even Worse
China this week announced it will suspend all fuel exports this month to keep its domestic market supplied. Also this week, President Donald Trump demanded that Germany and France release 120 million barrels of diesel from their storage or get hit with a U.S. diesel export ban. Europe is running out of options to stay well supplied with a critical fuel. Diesel is the fuel, on which any economy runs. While it may feature less commonly in passenge…
At the request of the USA, the G7 states want to release further diesel reserves. Previously, the US president had threatened to stop exporting. Behind the scenes, Europeans are far from satisfied.
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