US tells European allies to ‘immediately’ act to lower diesel prices
The Trump administration wants France and Germany in particular to tap their strategic diesel reserves to curb prices sent soaring by the US war on Iran.
The United States is urging European allies to act swiftly to alleviate the escalating cost of diesel by releasing strategic reserves immediately, according to US Treasury Secretary Scott Besse. EU member states are scheduled to deliberate on the crisis on Friday. Besse urged European partners to hasten the delivery of their existing commitments and make additional supplies readily available to tackle ongoing disruptions.
The Trump administration is particularly targeting France and Germany to release their strategic diesel reserves in an attempt to curb the prices that have surged due to the US war on Iran. The US is putting pressure on Europe as high energy costs pose a threat to Trump's Republican party in the upcoming midterm elections. A US official stated that any move towards a diesel export ban would be unexpected for Europeans and could have severe consequences for economic performance.
French Minister Delegate for International Trade Nicolas Forissier dismissed the possibility of a ban and emphasized the importance of finding balanced solutions globally.
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