The Trump administration’s full-court pressure campaign on Europe to release diesel supplies or face a U.S. export ban heading into the winter has split and angered European leaders, entangled oil companies and raised private charges of “blackmail.” It also appears to have worked.
Senior White House officials led a pressure campaign on European governments to open the spigot on their strategic reserves, according to 10 oil industry executives and European government officials who were granted anonymity to describe the negotiations. Their tactics ultimately led to G7 countries announcing they would release 100 million barrels of diesel and crude oil from their strategic reserves over the next four months.
Diesel prices have hit record highs because of the war the Trump administration launched against Iran earlier this year and Russia’s war against Ukraine, both of which have caused massive damage to fuel refineries in the Middle East and Europe.
One European diplomat characterized the White House’s demands for a release against the threat of a U.S. export ban explicitly as “blackmail,” an official briefed on a call between EU energy officials early Friday told POLITICO.
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