US Presses EU to Release Diesel Reserves to Curb Prices
Washington proposes releasing 120 million barrels over six months as an alternative to banning US diesel exports.
KEY POINTS
- US asks EU nations to release 120 million barrels of diesel over 180 days.
- Volume exceeds one-third of EU's estimated 315 million barrel stockpile.
- Proposal aims to lower prices and avoid a US ban on diesel exports.
- EU coordinating joint response; Energy Union Task Force meets Friday.
- Germany says decision will be based solely on national security criteria.
The Trump administration has asked several European governments to release a substantial portion of their strategic diesel reserves to increase market supply and lower soaring fuel prices. The plan, presented by US Energy Secretary Chris Wright, proposes releasing 120 million barrels over 180 days, representing more than a third of the EU's estimated 315 million barrels in stock as of June.
Germany, France, Italy, Spain, and Poland hold the largest reserves. A German government official confirmed Washington contacted Berlin, while a senior European official said the approach was presented as an alternative to a potential US ban on diesel exports. The EU is coordinating a joint response; Energy Commissioner Dan Jørgensen met with officials from the UK, France, Italy, Ireland, and Germany on Thursday.
“The sole criterion for evaluation is the security and public order of the Federal Republic of Germany.”
The EU Energy Union Task Force is scheduled to meet Friday at 8:30 AM Brussels time. A German official stated the request will be examined thoroughly, but the sole criterion is Germany's security and public order, ruling out industrial or trade policy considerations. Meanwhile, the US approved the release of 40 million barrels from its own Strategic Petroleum Reserve on Tuesday.
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