London\u00a0\u2014\u00a0\n <\/p>\n
\n European officials are holding crisis talks as the United States piles pressure on the region to tap into its emergency stocks of diesel to cool surging prices \u2013 or face a possible ban on US exports of the fuel.\n <\/p>\n
\n European officials discussed measures to tackle high diesel prices on Friday, the European Commission said in a statement<\/a>, while France said it would chair a meeting of G7 leaders on the \u201cglobal energy situation\u201d later in the day.\n <\/p>\n \n The veiled ultimatum from the US administration marks an escalation in pressure on Europe as President Donald Trump attempts to bring down US fuel prices ahead of November\u2019s midterm elections\n <\/p>\n \n Diesel is the workhorse fuel<\/a> for the global economy, powering trucks, tractors, freight trains and other commercial vehicles. The US is the world\u2019s largest exporter of the fuel and US President Donald Trump has touted a ban on diesel exports as a way to boost domestic supplies \u2013 and, in turn, bring down prices.\n <\/p>\n \n A US diesel export ban would hit Europe \u2013 a net-importer of the fuel \u2013 hard, analysts told CNN. Last year, the US supplied around 13% of the combined 2.3 million barrels Europe, the United Kingdom and Turkey imported every day, according to data from market intelligence firm Energy Aspects.\n <\/p>\n \n But tapping into its emergency reserves risks leaving Europe exposed should supply disruptions from the war in the Middle East and Ukraine continue.\n <\/p>\n \n US Treasury Secretary Scott Bessent urged European countries on Thursday to release diesel from its stockpiles \u201cimmediately,\u201d writing in a post<\/a> on X that \u201cAmerican farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage.\u201d\n <\/p>\n \n US Energy Secretary Chris Wright, who has previously expressed reservations about a ban on US diesel exports, told Fox News on Thursday that the US is \u201cabsolutely\u201d going to ask Europe to release diesel from its strategic reserves.\n <\/p>\n \n \u201cThis is a time for a coordinated release of diesel stores as we go into harvest season, and we go into winter heating oil season. Now is the time to bring more diesel to the market,\u201d he said.\n <\/p>\n \n The US-Iran war \u2013 now in its eight month \u2013 has disrupted flows of crude and refined oil products from the Middle East. While Europe is not currently grappling with outright shortages, global supplies are tight and prices have soared.\n <\/p>\n \n US diesel prices have also shot up since the start of the war and, last month, topped $6 a gallon<\/a> for the first time, according to data from AAA. The average price stood at $6.40 a gallon<\/a> on Friday morning.\n <\/p>\n \n Anna-Kaisa Itkonen, a spokesperson for the European Commission, told reporters at a briefing on Thursday that member states were in \u201cvery close contact\u201d on the issue of diesel supply and that it was also in contact with the US administration.\n <\/p>\n \n \u201cI can assure you that lots of phone calls, lots of meetings are taking place at this point,\u201d she said.\n <\/p>\n \u2018Grappling and fighting\u2019<\/p>\n \n A US ban would see Europeans \u201cpaying an even higher premium\u201d for (imported) diesel\u2026 because it will be competing against other regions that are net importers like Latin America,\u201d said Richard Bronze, Energy Aspects\u2019 co-founder.\n <\/p>\n \n The US may be one of several suppliers to Europe, he added, but Washington is such a critical supplier to the international market that a ban of its exports would see countries \u201cgrappling and fighting over what remains.\u201d\n <\/p>\n