WASHINGTON — Europe will release up to 100 million barrels of diesel oil within the next four months, French President Emmanuel Macron announced Friday after President Trump pressured US allies to open their emergency reserves.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel,” Trump wrote on Truth Social. “The process will begin immediately. Thank you for your attention to this matter!”
Trump’s statement followed an emergency G7 meeting, chaired by Macron, on the global energy situation.
The fuel will be released in coordination with the IEA, and none of the countries involved will “restrict the exchange of energy and petroleum products between partner countries,” said the French president.
Europe has become more dependent on US fuel after banning Russian imports following the invasion of Ukraine in February 2022. The seven-month-old US war with Iran has also tightened the availability of supplies.
Trump and Macron spoke Thursday night, and with G7 leaders this morning to successfully negotiate the stockpile release, a White House official told The Post.
France and fellow G7 members Germany and Italy have among the highest levels of reserves in Europe, along with Spain and Poland.
The announcement comes as gas prices continue to drop from their early September highs. The national average price of a gallon of regular fuel stood at $4.40 as of Friday morning, down more than nine cents from last week, according to AAA.
Diesel prices were $6.37 per gallon, down 15 cents from the record high set Sept. 22. Diesel prices in Europe have similarly surged to record highs, nearing the equivalent of $8 per gallon.
American voters have named the high cost of living, including gas prices, as their top concern ahead of the Nov. 3 election.
In addition to the European fuel release, Reuters reported Friday that Trump may sign an executive order as early as next week aimed at reducing diesel prices.
Details are still being worked out, but the order could allow the use of red-dyed diesel and enact other tax changes aimed at lowering fuel costs.
Red-dyed diesel is meant for off-road equipment — such as tractors and construction equipment — and is so named due to the red dye used to distinguish it from the fuel used by long-haul truckers.
While the two fuels are essentially the same chemically, the red dye is used to denote the off-road fuel’s exemption from federal highway taxes.
It’s typically illegal to use red-dye fuel on public roads, but some states have made temporary exemptions due to high diesel prices.
Source: nypost.com
