WHAT YOU NEED TO KNOW
  • Trump announced Europe will immediately release a massive amount of heavily stocked diesel at the request of the United States.
  • The announcement followed a virtual G7 meeting involving Trump, French President Emmanuel Macron and others.
  • AAA reports the average cost of diesel in the United States is currently $6.37 per gallon.
  • Treasury Secretary Scott Bessent urged European partners to accelerate supplies and match their commitments with action.

President Donald Trump announced Friday that Europe will begin releasing diesel at the request of the United States, a major move aimed at keeping already punishing fuel prices from climbing even higher. The release is set to begin immediately, according to Trump.

The average cost of diesel in the United States is currently $6.37 per gallon, according to AAA. Diesel is commonly used by trucks and other large vehicles, putting the fuel at the center of transportation and business concerns.

The announcement followed a virtual G7 meeting involving Trump, French President Emmanuel Macron, and others, according to NBC News. The meeting was held to find a solution to the diesel problem before prices rose further.

Trump revealed the agreement in a post on Truth Social, saying Europe had agreed to tap its heavily stocked diesel supplies following the American request.

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“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” Trump posted to Truth Social. “The process will begin immediately. Thank you for your attention to this matter!”

The president’s announcement put Europe’s existing fuel stocks at the center of the effort to address the price problem. Trump also emphasized that the process would start immediately rather than remain another commitment waiting for action.

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Before Friday’s announcement, the administration had considered stopping diesel exports as leverage to persuade Europe to cooperate, according to Reuters. The report showed the administration was weighing a tougher option while seeking additional supplies from European partners.

Trump has argued that the conflict with Iran is not responsible for the diesel price issue. Instead, he pointed to the war between Russia and Ukraine and damage to diesel refineries there.

“Diesel is really hurt much more, not by the Middle East, but by what's going on in Russia, because those diesel refineries are being knocked out at pretty alarming rate. And, if that didn’t happen, we wouldn’t have a diesel problem,” Trump said in the Oval Office this week.

That explanation placed the focus on damaged refining capacity connected to the fighting between Russia and Ukraine. Trump said those refinery losses were occurring at an alarming rate and directly tied them to the diesel problem.

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Treasury Secretary Scott Bessent had also pressed European partners to move more quickly. In a Thursday post, he said the United States was already meeting its responsibilities in the effort to steady energy markets.

“The United States is delivering on its commitments to help stabilize global energy markets,” Bessent posted Thursday.

Bessent then called for Europe to speed up supplies and do more as disruptions continued.

“Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions,” he wrote. “American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage. America is doing its part. We look to our allies to match their commitments with action.”

His message specifically identified American farmers, truckers, and businesses as groups that should not be forced to carry the burden of a worldwide diesel shortage. Bessent said America was doing its part and expected allied governments to turn their commitments into action.

Europe’s agreement, as described by Trump, directly addressed that demand for immediate movement. Rather than merely discussing future supplies, Trump said the continent would release a massive amount from its heavily stocked diesel reserves and begin the process at once.

The virtual G7 meeting provided the setting for Trump, Macron, and others to search for a solution. By Friday, Trump was publicly thanking those involved and announcing that Europe had agreed to release diesel in an effort to prevent prices from going any higher.

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