USA urges EU to release emergency diesel reserves

The high prices at gas stations are putting pressure on the Trump administration. That's why the USA is pushing for Europe to release emergency reserves for diesel - including in Germany.

Washington. According to insiders, the US government is urging the European Union to release emergency diesel reserves. US representatives were particularly disappointed with Germany and France because both countries had not kept their promises to use emergency reserves, two people familiar with the matter told the Reuters news agency.

The background to the US move is the rising fuel prices as a result of the Iran war started by the US and Israel, which have become a burden for President Donald Trump and his Republicans ahead of the US congressional elections in November.

As part of an International Energy Agency (IEA) agreement between around 30 countries, the USA agreed in March to provide 172 million barrels of oil from its strategic reserves. A total of 400 million barrels should be released worldwide. The EU states had agreed to contribute 20 percent together.

US Energy Secretary Chris Wright publicly urged European partners on Tuesday to fulfill their commitments. While the USA and Japan kept their commitments, several European member states only released a fraction of the promised quantities.

EU Energy Commissioner Dan Jörgensen also said on Tuesday that the European Union had discussed a possible further release of emergency reserves with IEA chief Fatih Birol. However, a decision is still pending. The EU must find a middle ground: reduce prices while securing stocks for potentially more severe supply bottlenecks. Meanwhile, the US government is considering further measures to reduce diesel prices, including export restrictions for US refineries.