Pressure Mounts Ahead of Midterms: "White House Pushes Europe to Release Diesel Reserves"

FT and Reuters Report

"Particularly Dissatisfied with France and Germany"

The United States government has been pressuring European countries to release their diesel reserves in an effort to stabilize soaring diesel prices. With domestic inflation becoming a burden ahead of the upcoming midterm elections in November, the Trump administration has publicly expressed dissatisfaction, stating that some European countries are not releasing as much of their reserves as previously promised.

On the 29th (local time), the Financial Times (FT), citing two anonymous sources, reported that the U.S. government is pressing European nations to release their diesel reserves. Reuters also reported that the U.S. government believes European countries are falling short on their release commitments, and that Washington is especially dissatisfied with France and Germany.

On the 29th (local time), after a luncheon with technology industry leaders held in the East Room of the White House in Washington D.C., U.S. President Donald Trump was speaking with reporters. Washington (USA) = Reuters Yonhap News Agency.

Back in March, 32 member nations of the International Energy Agency (IEA) agreed to release 400 million barrels of strategic reserves to counteract soaring international oil prices and supply disruptions resulting from the war in Iran. This was the largest coordinated release in IEA history, with the United States responsible for 172 million barrels and European countries for 20 percent of the total amount. However, as some countries have not released the full promised quantity, the U.S. government has stepped up efforts to urge full compliance with the agreement.

On this day, U.S. Energy Secretary Chris Wright stated, "The United States and Japan are fulfilling their commitments, but some European member states have released only a portion of their pledged crude oil and petroleum products. We urge all members to honor their commitments."

Amid U.S. pressure, the EU has also begun deliberating on the issue. Dan Jørgensen, EU Commissioner for Energy, said at an EU energy ministers' meeting held in Dublin, Ireland, that the bloc discussed a plan to release the remaining quantity of strategic reserves pledged in March. According to FT, Europe's current diesel reserves amount to approximately 39 million tons.

However, Europe is also struggling with a significant burden owing to soaring energy prices since the war in Iran. Commissioner Jørgensen noted that since the outbreak of the war this year, the EU has spent an additional 100 billion euros (154 trillion won) importing the same amount of fossil fuels as before. He said, "We paid an additional 100 billion euros for energy purchases this year, yet not a single additional unit of gas or oil has been supplied beyond previous levels."

Particularly in Europe, anxieties over energy supplies have intensified after reports emerged that President Trump is considering a complete ban on diesel exports. However, the FT noted that EU officials view the likelihood of a blanket export ban being implemented as low.

Analysts suggest that behind the U.S. pressure campaign on Europe is President Donald Trump's political burden ahead of the November midterm elections. Reuters reported, "With the fall harvest season underway, rising fuel costs have become a source of discontent among farmers, which is putting pressure on the Republican Party." According to the American Automobile Association (AAA), as of this day, the average diesel price in the United States stands at $6.44 (8,751 won) per gallon, up $2.75 (3,737 won) from a year earlier.

This content was produced with the assistance of AI translation services.