The refined products crisis remains unresolved as the Northern Hemisphere winter approaches.
Speaking in the Oval Office on Wednesday, President Trump said he holds discussions "every day" about a potential diesel export ban, blaming Russia's war in Ukraine for fueling the supply squeeze. His administration is now pressuring European governments to release emergency diesel inventories to contain further price surges and reduce the risk of an economic shock in the coming months.
Reuters reports that the Trump administration has asked Germany and France to release emergency diesel inventories to help create a buffer against the supply squeeze in the industrial fuel or face a potential US diesel export ban.
The total request calls for the release of 120 million barrels of diesel over the next six months, according to a source in a European capital cited by the outlet. That would be equivalent to about 660,000 barrels a day of additional supply.
"It is in Europe's best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers," one source, a US official, told Reuters.
Trump warned yesterday in the Oval Office that an export ban would "have a negative impact on gasoline" prices but could lower diesel costs. He warned that Russia's war with Ukraine is the main driver of soaring prices. Russia recently READ MORE AT SOURCE »
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