U.S. Pressured by Oil Prices Ahead of Election Asks Europe to Release Diesel Reserves

[Financial News] With the November midterm elections approaching, the Donald Trump administration in the United States, troubled by rising oil prices, has asked Europe to release its stockpiled diesel onto the market. The Trump administration is particularly sensitive to increases in industrial diesel prices because the votes of farmers and workers are important to it.
According to foreign media outlets, including the BBC in the United Kingdom, U.S. President Donald Trump met with reporters during a visit to Texas on the 1st (local time). When asked whether he could request that Europe release its stockpiled diesel to lower global diesel prices, Trump replied, "We could do that. They have some diesel."
He again brought up his predecessor, former President Joseph Robinette Biden Jr. Trump claimed, "All prices are coming down. We inherited the worst numbers from the Democrats, but we are bringing them down substantially." He added, "Inflation is hardly a problem right now. Oil prices are much lower than they were under the Biden administration."
Regarding the war with Iran that caused oil prices to rise, Trump said, "We did what Biden did not do. Iran will never have nuclear weapons, and we did that," adding, "Unfortunately, Biden and many other presidents chose not to do it."
Diesel prices in the United States currently stand at around $6.38 per gallon (3.78 liters), a sharp increase from $3.7 a year ago. Diesel prices surged this year as refineries in various countries shut down amid the blockade of the Strait of Hormuz caused by the war with Iran and the ongoing war in Ukraine. Before the war, the Middle East near the Strait of Hormuz was the world's largest export region for 'oil fractions.' Oil fractions are intermediate compounds produced during the process of refining crude oil into diesel.
If U.S. diesel prices continue rising at their current pace, dissatisfaction among farmers, a key part of Trump's support base, is bound to grow. Farmers are taking a hit as operating costs for agricultural machinery have risen sharply ahead of the harvest season. At the same time, higher diesel prices are directly driving up transportation and heating costs, worsening inflation in the United States.
On the 1st, U.S. Energy Secretary Christopher Allen Wright also answered "Of course" when asked in an interview with Fox News whether he would call on Europe to release its strategic reserves. He explained, "Europe has moved a significant portion of its refining capacity outside the continent, so it is naturally concerned about supply and, as a result, has built up enormous diesel reserves," adding, "We are restoring diesel exports around the world, but the situation is currently very tight." Wright stated, "U.S. refineries are operating at maximum capacity. Europe can also help with this situation, and I am confident that it will do so (release its reserves)."
On the 1st, U.S. Treasury Secretary Scott Bessent also wrote on social media platform X, "The United States, under Trump's leadership, is fulfilling its commitment to promote stability in global energy markets." He urged, "European partner countries must accelerate the fulfillment of their existing commitments and immediately provide additional supplies to address the ongoing disruptions." Bessent argued, "The burden of a global diesel shortage should not be borne alone by U.S. farmers, truck drivers, and businesses," adding, "The United States is doing its part. We expect our allies to play a role commensurate with their commitments."
[email protected] Park Jong-won Reporter