Fuel woes: US presses Europe for emergency diesel stocks, Macron warns against trade export bans

Faced with a rapidly worsening global energy crisis and soaring domestic pump prices, the United States has launched an aggressive push for its European allies to open their strategic reserves, prompting French President Emmanuel Macron to call for emergency G7 intervention.

Washington is pressing European nations to clear emergency diesel stockpiles to tame record costs sparked by the military conflict with Iran. The public directive underscores deep anxieties within the White House over domestic political fallout and a cascading economic toll on key transport sectors.

"Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions," US Treasury Secretary Scott Bessent said. "American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage."

US President Donald Trump affirmed that the administration is actively pursuing European supplies. "We may do that. They have some diesel," Trump said. "The prices are coming down. All prices are coming down."

The request arrives as US diesel prices hit historic highs, smashing past $6.30 a gallon and heightening economic stress ahead of upcoming midterm elections. Simultaneously, Washington has raised the prospect of a potential ban on US diesel exports to protect domestic supplies — a measure European officials warn could backfire catastrophically.

Responding to the escalating standoff, French President Emmanuel Macron held calls with President Trump and Canadian Prime Minister Justin Trudeau, urging G7 nations to coordinate their actions on global oil markets rather than resorting to unilateral measures.

The Élysée Palace confirmed Macron is calling for an urgent meeting of G7 leaders to stabilise refined product supplies and combat price spikes, while explicitly warning against trade barriers. Macron emphasised that major powers must avoid export restrictions and take joint action to control global price hikes.

Following Washington's demands, France has quietly asked its European Union partners to consider tapping emergency fuel stockpiles, even as European leaders struggle to balance domestic price relief against the danger of exhausting their strategic reserves.

"It would have very dramatic consequences for our economic performance," EU trade chief Maros Sefcovic said regarding a potential US export ban, calling such a step "unexpected for Europeans."

France's minister delegate for international trade, Nicolas Forissier, struck a cautious tone while confirming efforts to stabilize the market. "I can't imagine that there will be a ban," Forissier said. "In France, we'll try to find balanced solutions all over the world. If not with the Americans, it will be with other countries."

The dispute comes to a head as European Commission officials and member states convene for high-stakes emergency meetings to negotiate a coordinated response to the supply squeeze.