White House looking to Europe to release diesel from strategic reserves
The idea comes as high energy prices drag GOP in midterm elections.
By Ben Lefebvre, James Bikales and Mike Soraghan
The oil industry executives and White House energy advisers are pitching ideas to bring down record high diesel prices in a bid to persuade President Donald Trump not to impose an outright export ban on the fuel, four people familiar with the issue said.
Trump is expected to decide in the coming days what steps the administration can take to lower the cost of a fuel that has skyrocketed amid wars in the Middle East and Europe. Trump has multiple times voiced support for an export ban, an idea that the oil industry strongly opposes and that government officials in Europe and Latin America worry would leave them without a major source of the fuel that is crucial to their economies.
The idea pits the agriculture sector against the oil industry, whose arguments have been backed by Energy Secretary Chris Wright. Oil and gas executives and analysts have said a ban wouldn’t work and would eventually drive up fuel prices.
‘The motivation is to stop a ban,” said one oil industry executive familiar with the conversations.
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