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 wrote: “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately.”
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-lonmg 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.
The United States on Thursday told its European allies to help lower global diesel prices by releasing strategic reserves “immediately,” with EU member states due to discuss the crisis on Friday.
“Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions,” Treasury Secretary Scott Bessent said in a post on social media.
Trump on Wednesday said he was still considering a possible ban on U.S. diesel exports, while adding that he thought it could ultimately cause gasoline prices to rise.
“I’m thinking about it,” Trump told reporters in the Oval Office.