Europe to Release Diesel from Reserves onto the Market
US President Donald Trump announced that European countries have agreed to release a large portion of the diesel held in their reserves onto the market.
US President Donald Trump announced that they have reached an agreement for Europe to release a significant amount of its diesel reserves onto the market and that the process will begin immediately.
Release of Reserves
US President Donald Trump stated in a post on his Truth Social account that Europe has agreed to release its diesel reserves onto the market. Trump noted that this process will begin immediately.
Fuel Prices in the US
According to data from the American Automobile Association, the average price of a gallon of diesel in the US rose to a record level of $6.53 on September 22. Prices were recorded at $6.37 as of October 2.
Administration Initiatives
Following the rising diesel prices, the Trump administration had evaluated export restrictions. Treasury Secretary Scott Bessent had also called on European partners to provide additional supply.