As the midterm elections approach, the White House is reportedly pressuring the European Union (EU) to release its strategic diesel reserves in a rush to stabilize soaring diesel prices.

According to Reuters on the 29th (local time), citing multiple sources, the White House believes that some European countries have not fully implemented the emergency oil reserve release agreement reached at the International Energy Agency (IEA) level last March. The U.S. is reportedly particularly dissatisfied with the implementation levels of France and Germany.

More than 30 member countries of the IEA agreed last March to release 400 million barrels of strategic petroleum reserves to stabilize oil prices, marking the largest release in the IEA's history. The U.S. took charge of 172 million barrels, while European nations agreed to account for 20% of the total volume.

U.S. Energy Secretary Chris Wright issued a statement on the day, publicly urging European nations to fulfill the agreement. He stated, "The U.S. and Japan are fulfilling their commitments, while some European countries have only released a portion of their promised crude oil and petroleum products. I urge all member countries to honor their commitments."

Interior Secretary Doug Burgum also told the political media outlet Politico, "Various options are being discussed at the administration level (to stabilize diesel prices). I don't want to get ahead of myself, but it is true that Europe has large diesel reserves." Reuters reported that the European Union has not yet disclosed the scale of the strategic reserves it has released so far.

The Trump administration is facing the burden of surging diesel prices just a month ahead of the midterm elections. Amid rising demand for diesel due to the harvest season, the fuel cost burden is also increasing for farmers, who form a core support base for the Republican Party. According to the American Automobile Association (AAA), the average retail price of diesel in the U.S. stood at $6.44 per gallon as of that day, up $2.75 from a year ago.

President Trump recently publicly endorsed a potential ban on diesel exports. However, Politico reported that the U.S. administration and the oil industry are presenting requests for Europe to release its diesel reserves as an alternative in order to prevent an actual diesel export ban from being implemented.

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