Trump Threatens Diesel Export Ban to Lower US Prices Amid Record-High Fuel Costs
US President Donald Trump has threatened to restrict diesel exports unless European countries release some of their own reserves, amid record-high diesel prices in the UK. The US is a major supplier of diesel to the world, exporting between 1.2 and 1.5 million barrels per day.
The UK is heavily reliant on imported diesel from the US, with over half of its imports coming from America. Diesel prices in the UK have hit record highs, hovering just under 200p per litre. The UK government has stressed that there is no cause for concern about potential diesel shortages, though prices are expected to rise further.
International Energy Agency rules require member states to hold oil stocks equivalent to 90 days of net oil imports. EU rules say member states must hold reserves to cover 61 days of domestic consumption. In total, the EU holds nearly 109 million tons of emergency crude and fuel stocks, with around a third in diesel and related fuel products.
China's refiners have also halted October exports of some fuel products as Beijing prioritises domestic supplies. Trump has argued that keeping any surplus barrels of diesel in the US would lower pump prices domestically, offering immediate relief to drivers, truckers, and businesses ahead of the midterm elections.