Trump said Thursday he may ask European countries to release some of their diesel reserves as he considers banning US exports of the fuel amid a global shortage.
Why it matters: Diesel moves freight, farm equipment and heavy industry, so its price lands in grocery bills and shipping costs for every household, including those that own no diesel vehicle.
By the numbers: The US exports between 1.2 million and 1.5 million barrels of diesel a day. UK pump prices hit a record 199.79p a litre this week, up from 142.38p a year ago.
- Treasury Secretary Scott Bessent said US “farmers, truckers, and businesses should not be left carrying the burden,” urging Europe to release supplies immediately.
Yes, but: David Fyfe, chief economist at Argus Media, said cutting off American supply would likely cause international prices to skyrocket.
What's next: UK energy minister Martin McCluskey held a call with European counterparts on Thursday, and Chinese refiners have reportedly halted October exports of some fuel products as Beijing prioritises domestic supply.
