Trump Secures Europe's Oil Release Ahead of Midterms
President negotiates release of "massive" diesel stockpiles from European allies to lower gas prices before November elections.
President Donald Trump engaged European leaders in discussions that led to the agreement to release significant quantities of oil from stockpiles, a move intended to mitigate rising fuel costs ahead of the midterm elections.
With less than a month until Election Day on November 3, Trump initiated calls with European heads of state this week. He spoke with French President Emmanuel Macron on Thursday and participated in a G7 meeting with European partners on Friday morning. These discussions resulted in the successful negotiation for the release of European diesel stockpiles, according to a White House official.
"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil," Trump announced on social media Friday morning. "The process will begin immediately."
The International Energy Agency is set to coordinate the release of 100 million barrels of oil over a four-month period, as stated in a G7 leadership announcement. This action follows a period of record-high diesel fuel prices in the U.S., which reached an average of $6.53 per gallon on September 22, according to AAA.
As of Friday, the national average price for regular gasoline stood at $4.40 per gallon, a decrease of approximately 10 cents from the previous week but still higher than the previous month and the same period last year.
The G7 statement also included a condemnation of Iran's actions that reportedly harm international trade, energy security, and the global economy, calling for the "immediate and full restoration of navigational rights and principles in the Strait of Hormuz."
The decision to release oil reserves comes amid reports that U.S. officials had considered a ban on diesel exports to European nations that did not comply with releasing their own stockpiles. Such a ban, however, had been cautioned against by U.S. energy companies, who warned it could further exacerbate price increases.
Trump has previously stated his expectation that gas prices would decline after the midterms. The administration's approach to ongoing international energy-related conflicts and their impact on global markets remains a point of discussion, particularly as Republicans have urged an end to hostilities that are becoming a sensitive campaign issue.