Key facts
- President Donald Trump said Friday he was ruling out a diesel export ban.
- Europe agreed to release 100 million barrels of diesel and crude oil from strategic reserves.
- The G-7 announced the release would begin with a substantial diesel release within the first 20 days.
- Trump had previously indicated openness to suspending diesel exports.
- Energy Secretary Chris Wright had warned against a diesel export ban.
President Donald Trump announced Friday that he was ruling out a diesel export ban, stating it had never been seriously considered. This decision followed an agreement by European nations to release 100 million barrels of diesel and crude oil from their strategic reserves over the next four months.
Trump told reporters that he had requested Europe tap its stockpiles, but maintained that the decision was voluntary on their part, citing a strong relationship and Europe's substantial diesel reserves. The G-7 announced the coordinated release would begin with a significant diesel allocation within the first 20 days.
Earlier in the week, Trump had expressed openness to suspending diesel exports, a move that had drawn criticism from Energy Secretary Chris Wright and oil industry figures who warned of negative economic consequences and potential domestic price increases. These advisors had instead urged Trump to pressure Europe to release its reserves.
The administration is reportedly still considering other measures to address diesel prices, such as encouraging states to lift restrictions on off-road diesel and suspending excise taxes on diesel sales.