Trump claims US was ‘never going to’ implement diesel export ban as G7 agrees reserve release
The president said the ban was 'never really on the table' following European reserve withdrawals
Donald Trump has said that the US was “never going to” implement a diesel export ban on the UK after the G7 agreed to release 100 million barrels of fuel and oil from emergency stocks.
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Whilst nations said this draw from diesel reserves came following American threats over a diesel ban, the president is now saying that the ban was “never really on the table.”
A ban would have left Britain competing with other countries to find an alternative source and increased demand driving up the already record high costs of £2 a litre at the pumps, as US diesel accounts for approximately a third of UK diesel use. The UK imports over half of all of its diesel.
Diesel prices have rocketed in recent months because of the disruption to global supplies caused by the US-Israeli war against Iran and the ongoing conflict between Russia and Ukraine.
Read more: Releasing diesel stocks a ‘short-term buffer’ but not solution, experts say
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“Europe has a lot of diesel, and they’re going to be making a major world contribution, and so are we. And we’re not going to be doing the export ban,” said Mr Trump.
“We have a very good relationship with Europe, and they wanted to do it because they have a lot of diesel… I said ‘it would be great if you put it out to the market’. They did it.”
When pressed over his threats, the president said: “We were never going to [ban] it. I don’t think we were...Well, it (the ban) was never really on the table, but what Europe did was a great thing,” said Trump.
Mr Trump has been under mounting domestic pressure to bring down fuel prices in the run-up to November’s midterm elections that will decide control of Congress. His approval rating has been getting lower throughout his second term, especially when it comes to his management of the economy and going back on his promise not to start any new wars.
As well as agreeing to the release of reserves to stem the surging fuel prices driven by the Iran war, the G7 countries also committed “to refrain from energy export restrictions”.
Foreign Secretary Ed Miliband said on X: “Today members have agreed co-ordinated measures to stabilise energy supplies, build resilience in supply chains and shield households and businesses from price shocks.”
The G7 statement said the release of reserves would begin immediately and last four months, with a “substantial” amount of diesel being made available within 20 days.
Higher fuel prices helped to drive inflation to a five-month-high in August, ramping up the cost-of-living for householders. The price of diesel impacts the cost of most household items, as it is critical for long-haul trucking and trains.
Ahead of the upcoming Budget, motoring organisations have urged the Government to extend the current 5p cut in fuel duty beyond the end of this year.