Europe preparing to release diesel reserves to ease fuel crunch
Europe is gearing up to release a huge chunk of its diesel reserves, hoping to ease the ongoing fuel crunch and bring down those stubbornly high prices.
The move was announced by US President Donald Trump after European Union countries discussed France's idea of releasing 50 million barrels of diesel.
There is also talk that International Energy Agency members might chip in with another 50 million barrels of crude oil.
US weighs diesel export ban
The US has been nudging France and Germany to tap into their reserves, but it is also considering a ban on sending diesel exports to Europe, a step that could really shake things up.
European Union officials are still weighing the French proposal, while French President Macron wants G-7 leaders to team up on tackling rising fuel costs by using strategic reserves together.
For now, everyone is working toward keeping fuel supplies steady.