President Donald Trump charmed European allies into releasing ‘massive’ stockpiles of oil just before the midterms as the global fuel crunch pinches budgets and frustrates voters.
With a month to go before Election Day on November 3, the president began calling European leaders to discuss the release this week.
Trump spoke with French President Emmanuel Macron Thursday night and with the G7 leaders Friday morning to successfully negotiate the release of European diesel stockpiles, a White House official said.
‘Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,’ the president wrote on social media Friday morning.
‘The process will begin immediately.’
The announcement came shortly after a G7 meeting with European partners discussing the release.
The International Energy Agency will implement the commitment by coordinating a release of 100 million barrels over four months, according to a statement from the G7 leadership.
US diesel fuel prices hit a record high on September 22, reaching $6.53 per gallon, according to AAA. The Europeans’ decision to release diesel from their stockpiles could ease global prices by unlocking more supply.
Trump called Macron and other G7 leaders about the oil release on Thursday and Friday before the deal was announced
US diesel fuel prices hit a record high on September 22, reaching $6.53 per gallon, according to AAA
Hostilities in the Strait of Hormuz have driven up global oil prices. US diesel fuel prices hit an all time high on September 22, hurting truckers and driving up delivery costs
As of Friday, the national average price for a gallon of regular gas is $4.40, roughly 10 cents cheaper than last week but still 20 cents higher than last month and roughly $1.20 higher than at this point last year.
The G7’s statement also condemned Iran’s hostile actions harming international trade, energy security and the global economy.
‘We call for the immediate and full restoration of navigational rights and principles in the Strait of Hormuz,’ the statement added.
The G7’s decision comes on the heels of a Reuters report in which sources allege US officials were threatening a diesel export ban targeting the European nations that did not release the stockpiles.
Reports have indicated that the administration was weighing a ban on diesel exports to keep supply on US shores amid heightened energy insecurity.
Still, US energy companies have pushed back, warning that any ban would only further drive up prices.
Trump has promised repeatedly that gas prices will come down after the midterms, though it’s unclear whether he wants to ramp up or tone down hostilities with Iran – obfuscating how long the conflict could impact the global economy.
Republicans have increasingly been calling on the president to end the war as it becomes a sore subject for GOP candidates on the campaign trail.
Recent negotiations with Iranian officials have not yielded any breakthroughs
Even the president’s daughter-in-law and former RNC co-chair Lara Trump admitted this week that the Iran war ‘could cost’ Republicans the midterms.
When the Daily Mail pressed Trump on her remarks on Thursday, he responded candidly: ‘Well, it’s possible.’
