US asks EU to release emergency diesel stocks amid price surge

The Trump administration has asked European Union countries to release diesel from their strategic reserves as diesel prices hit record highs in both the United States and Europe.

US diesel prices rose to $6.53 per gallon last week, while the European Commission reported an all‑time high of €2.24 per litre (about $9.56 per gallon). Treasury Secretary Scott Bessent urged Europe to “immediately” tap its reserves, and a US proposal was said to request 120 million barrels of diesel over 180 days.

EU trade chief Maroš Šefčovič said he discussed the tight supplies with US Trade Representative Jamieson Greer after a G‑20 trade meeting in the United States, stressing Europe’s wish for a coordinated approach to lower prices.

Eurostat data for June 2026 show EU and UK members hold roughly 52 million metric tonnes of gas oil and diesel, with 37.5 million tonnes designated for emergencies. Germany has the largest emergency stock at 5.6 million tonnes.

US officials linked the price spike to disruptions from the wars in Iran and Ukraine, and hinted that a US diesel export ban could be considered, a move that would affect Europe and domestic US markets ahead of the November midterm elections.

Source: Al Jazeera. Photo: Frederick Adegoke Snr. / Pexels.