What’s Next as US Urges Europe to Release Diesel Reserves?

Now the EU has been holding emergency talks today after coming under growing pressure from the Trump administration to release diesel stockpiles. Record prices in The US have fueled calls for an export ban, which would have implications, of course, for Europe. We know the prices on diesel are high, and and I heard, president Kashkari talking about a little bit, as a... As... Is this a one time spike or something longer? Our sense is it's a one time spike. Now remember though, the Europeans, they're sitting on reserves of diesel. Our in sense would be they should probably release some of these, if they're feeling like they're having a spike in Europe. It's higher... The price is higher in Europe than is in US. Well, let's bring in Bloomberg's chief Europe correspondent Oliver Crook. Good morning, Ali. So what do we know about Europe's response? So we know we had this emergency meeting a little bit earlier that was held for about an hour. That is now wrapped up about an hour ago, and we're waiting to get kind of a readout of everybody's position on this. The real sort of aim for the Europeans is to try to come to sort of a collective view on this. Obviously, now they're facing a lot of pressure from the Trump administration. You heard it there from The US trade representative, Jameson Greer. We've also heard from The US energy secretary, Chris Wright, and The US, I should say, the energy secretary and the treasury secretary, Bessent, all putting pressure on the Europeans to release more of their strategic reserves in oil and critically, in diesel. Now we should say that at the very beginning of this war back in March, you'll remember there was that g seven meeting. There was an agreement among OECD nations about releasing some of the strategic reserves to sort of dampen the blow on the pricing, on some of these products that we saw, basically rip across the globe. And we understand that many of the European nations have not released most of those reserves. They're still holding on to them. There's a question, I think, for many Europeans as to whether or not this qualifies really as an emergency. Yes. It has been an upper... It's an upward pressure on the prices. Yes. That is damaging to the European economy. But according to some people we've spoken to, including some German officials, that really containing prices is not the function of what these strategic reserves are about. They are really for emergency situations and something that is much more critical than just the prices going up. That being said, we do understand over the last few minutes, we got some, headlines here from the Elysee that Emmanuel Macron, the president of France, has spoken to both president Trump and Mark Curney and is potentially going to organize some broader meeting to have a more wider discussion about what can be done potentially at the g seven level saying that there should be a g seven discussion on oil supplies and prices, but that it should not involve any export bans, which is, of course, the big threat The US has made towards Europe. So we'll be watching this space very closely to... In terms of what a collective approach could be. That being said, even if you do release, you know, 10,000,000, 50,000,000, you know, a 100,000,000 barrels onto the market, you think about just The US transportation section, that eats up about 3,000,000 barrels a day of diesel. So there's some question about how much impact that will have on the market. That being said, if you do look at diesel prices right now, we're down at session lows down 5% for the day. O'Lee, thanks so much. Bloomberg's chief Europe correspondent there, Oliver Crook with, of course, the very latest on diesel.