Trump says Europe has agreed to release "massive amount" of diesel oil from stockpiles

Updated on: October 2, 2026 / 4:47 PM EDT / CBS News

Trump says Europe has agreed to release "massive amount" of diesel oil from stockpiles

TL;DR

  • European leaders have agreed to a coordinated release of 100 million barrels of diesel oil from stockpiles.
  • The release will begin immediately and take place over a four-month period, with a significant portion in the first 20 days.
  • The agreement followed an emergency G7 video conference called to address fuel supply and prices.
  • President Trump previously threatened a U.S. diesel export ban but stated it was not on the table.
  • G7 leaders reaffirmed their commitment to avoid export restrictions on energy products.
  • High diesel prices in the U.S. are increasing costs for schools, farmers, and small businesses.
  • Farmers are facing higher costs to run agricultural machinery, and businesses are reporting increased expenses for fuel.