Trump urges EU to tap into diesel reserves as export ban grows more likely

The Trump administration has asked that EU to releases 120 million barrels over six months, with Treasury Secretary Scott Bessent saying Europe should “immediately” tap its reserves.

Bessent said in a post on social media: “Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions.”

Last week (24th September), President Donald Trump announced that he will back proposals to ban the export of diesel from the US, intending to reduce the price at the pump for Americans.

The US is considering the export ban if Europe does not take action to release some of its reserves.

A report from the BBC stated that over half of the UK’s diesel is imported, with 31% of the imports coming from the US.

As of this morning (2nd October), the UK diesel price hit 200.01p, the highest it has ever been, according to RAC analysis.

It found that the price of diesel is currently the highest in Europe.

The UK Government has stressed that there is no cause for concern about potential diesel shortages.