WASHINGTON — Europe will release a “massive amount” of diesel from its emergency reserves, President Trump said Friday after urging U.S. allies to draw on their stockpiles.
“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!”
Officials did not immediately say how much fuel Europe plans to release or when it will reach the market. Trump’s announcement came after an emergency G7 meeting on the global energy situation chaired by French President Emmanuel Macron.
The Elysee Palace said Trump and Macron spoke Thursday night about “the need to work together to address rising fuel prices and ensure the global availability of refined petroleum products.”
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The announcement came as gasoline prices continued to retreat from highs reached in early September. The national average for a gallon of regular gasoline was $4.40 Friday morning, down more than 9 cents from the previous week, according to AAA.
Diesel averaged $6.37 per gallon, a decline of 15 cents from the record price reached Sept. 22.
Voters have identified the rising cost of living—including fuel prices—as their leading concern ahead of the Nov. 3 election.
Reuters reported Friday that Trump could sign an executive order as soon as next week intended to bring down diesel prices. It was not immediately clear whether the measure would include an export ban, an option analysts have speculated about in recent weeks.