Trump: Europe agrees to release diesel reserves 'immediately' as fuel prices hover near record highs
WASHINGTON (AP) — President Donald Trump said Friday that Europe has agreed to release some of its diesel reserves “immediately,” as the president and his Republican Party face pressure to address surging prices ahead of November’s midterm elections.
Trump announced the action Friday on social media without offering details on which countries were releasing reserves or at what volumes. Trump writes, “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.” Trump says, “The process will begin immediately.”
The move comes after Republicans in key states like Iowa and Michigan called for ending exports of diesel refined in the United States to help boost domestic supply. Prices have become acute for farmers.
The president faces lagging approval ratings as the Iran war and his trade battles have increased U.S. prices for oil and other goods.
Gas prices in the U.S. and abroad have soared during the eight-month-long war, a cost Trump has repeatedly said is worth it for making sure Iran does not obtain nuclear weapons. Trump has insisted prices will come down after the war, though there’s no end in sight.
The national average for a gallon of diesel in the U.S. was $6.37 on Friday, according to AAA, after hitting a record $6.52 on Sept. 22.
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