Britain in talks over releasing emergency diesel stockpiles as Trump threatens to turn off the taps
Cabinet members spoke to ministers in Germany, France, Italy and Ireland to discuss the possibility of utilising diesel stockpiles on Thursday
Britain is in talks with European allies about releasing emergency diesel stockpiles as President Trump threatens to implement a ban on US supplies.
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Government ministers spoke to allies in Germany, France, Italy and Ireland to discuss the possibility of utilising diesel stockpiles on Thursday, according to a European Commission spokesman.
Trump’s government has already instructed Germany and France to pull from emergency diesel supplies to alleviate the impact of war-related restrictions on global prices, or face a potential US diesel export ban.
President Trump is reportedly frustrated with the countries and thinks they have not met commitments to release emergency oil and petrol supplies.
The US President’s war with Iran, as well as a Russian ban on diesel exports amid the conflict in Ukraine, have restricted global supplies.
Read more: Oil prices rise 2% as 'China suspends fuel exports'
A US official told Reuters: “It is in Europe’s best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers.”
While it has not been confirmed whether Britain would be affected by any US ban, the restriction of diesel from the States would pose a real energy risk to the UK.
The country imports 55pc of its diesel, and approximately a third of this figure comes from the US.
Losing US supplies of the fuel would push prices at the pump up even higher, as motorists in the country already face having broken through the £2-a-litre barrier this week.
Oil prices rose by 2% on Thursday after China suspended exports of oil, marking a danger for already squeezed fuel markets facing global shortages amid the ongoing US-Israeli war with Iran.
Chinese refiners suspended exports of oil products to regions beyond Hong Kong and Macau for the foreseeable future, according to Reuters.
This comes as the price of diesel hit a record high due to the ongoing Iran war, and British owners are reportedly paying an extra £400 per year.
The average price of a litre of diesel in the UK has hit its highest-ever record of 199.18p, it was reported last week, and could climb well beyond the £2 threshold.
In response, the government has stressed the "diversity and resilience" of its diesel supply and has also denied reports of a 50mph speed limit to cut use or that it was rationing fuel.
A spokesman told LBC: “We have a diverse and resilient supply. We continue to engage with our international partners and the UK fuel industry.”
A survey by WhatCar this week found that an 8,000-mile-per-year use of a car would result in an extra £400 being spent by diesel car drivers. However, even with diesel costing more than ever, it is still possible to save money.
Former BP executive Professor Nick Butler told LBC News: "I think he's right that the Europeans should release some of their stocks now. And if they don't do that, they and we could suffer. If there is a substantial ban on US exports, because we're relying on them at the moment, particularly for diesel.
"Looking at the American polls, he needs to take some action which shows American consumers that he's doing something about gasoline and diesel prices in the US."
How to save money on diesel
Driving at 40- 50 mph
The RAC has found that driving at 40- 50 mph is the most fuel-efficient speed to be at.
Switch off air conditioning
Blasting air-con can feel nice, but the AA has found that consistent use can also increase fuel consumption by 10%.
Extra weight uses up fuel
Carrying more items than you need within the car can also cause it to use more fuel, as the engine is put under more pressure to reach the same speeds.
One item that can quite easily go to make a saving is an unused roof rack, which can additionally make a car less aerodynamic.
Tyre pressures can make savings
Keeping tyres at their correct pressure can be another way to save. You can find out what pressure to maintain your car's tyres at in the service manual.
Speed up and slow down gradually
Acceleration is where fuel is used most quickly, and savings can be made if you speed up and slow down more gradually.