Trump says Europe will release "massive amount" of diesel oil from stockpiles

Washington — President Trump said European leaders have agreed to release a "massive amount" of their diesel oil stockpiles to alleviate high prices, following an emergency meeting of the Group of Seven leaders. 

A G7 video conference convened Friday morning to discuss fuel supply and prices, after a call overnight between French President Emmanuel Macron and Mr. Trump. After that meeting, Mr. Trump said Europe would release diesel oil from its stockpiles, beginning "immediately."

"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil," Mr. Trump wrote on Truth Social. "The process will begin immediately. Thank you for your attention to this matter!"

A joint statement from G7 leaders released by the Élysée Palace in Paris confirmed a "coordinated release" of 100 million barrels that is to begin immediately and will take place over a four-month period. This will include a "front-loaded substantial diesel release within the first 20 days by G7 members and partners," the statement said.

The G7 consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the U.S., including the European Union as a non-enumerated member. 

A White House official said Mr. Trump spoke with Macron last night and with the G7 leaders this morning to negotiate the release of European diesel stockpiles. 

Mr. Trump has threatened to ban U.S. diesel exports, a move that would push global diesel prices even higher. In their statement, the G7 leaders discouraged any such bans, but did not mention Mr. Trump. 

"We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions," the statement said. 

In the U.S., soaring diesel prices are rippling through the economy, putting a financial squeeze on schools, farmers and small businesses as their fuel costs spike. Farmers, who rely on diesel to run agricultural machinery, also face much higher costs, while enterprises ranging from construction firms to food banks have been reporting sharply increased expenses to fuel their vehicles and delivery trucks.