What happened
The US is urging European nations to release their emergency diesel reserves as prices for the fuel continue to rise. US Trade Representative Jamieson Greer made the call during a meeting of G20 trade ministers in Milwaukee, stating that the Europeans are sitting on diesel reserves and should release some to address the price spike.
The price of diesel has reached a record high, with the average price across the EU standing at 2.24 euros per liter, compared to 1.59 euros per liter before the war in the Middle East. In the US, the price of diesel hit a record high of around $6.53 per gallon last week, although it has since fallen by about 12 cents per gallon.
Greer expressed the view that the current price increase is a one-time spike rather than a long-term trend. He also mentioned that the issue of a potential ban on US diesel exports, which is being considered by President Donald Trump, was raised on a bilateral basis during the meeting.
Greer plans to meet with European Union officials and other European counterparts to discuss the matter further and encourage a collaborative response to the price spike. The European Commission has not yet responded to requests for comment on the matter.
