PARIS: G7 leaders were holding talks on Friday (Oct 2) to coordinate action on tackling high fuel prices, after Washington upped pressure on Europe to release its strategic reserves or face a US diesel export ban.
The US war with Iran has sent energy prices skyrocketing, coming back to bite President Donald Trump at home with high fuel costs that have become a key issue ahead of midterm congressional elections in a month.
After speaking with Trump, France's President Emmanuel Macron convened a video call starting at 1230 GMT of fellow G7 leaders - also comprising Britain, Japan, Canada, Germany and Italy - to discuss joint action.
Earlier the EU pushed back hard against US threats to impose a diesel export ban, something Macron also warned against during his conversation with Trump.
Guess WordCrack the word, one row at a timeBuzzwordCreate words using the given lettersMini SudokuTiny puzzle, mighty brain teaserMini CrosswordSmall grid, big challengeWord SearchSpot as many words as you can Show More Show Less"We fully reject any ban on diesel. A ban would not be beneficial to anyone. It would undermine our trust in the United States as a reliable partner," European Commission spokeswoman Anna-Kaisa Itkonen said.
The 27-nation bloc is ready to work with the International Energy Agency (IEA) on the possible release of fuel reserves to contain prices, she added, following crisis talks between member states and the commission to forge a unified response.
US PRESSURE
The flurry of diplomatic activity came a day after US Treasury Secretary Scott Bessent cranked up the pressure on European nations.
"Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions," Bessent posted on social media.
"American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage," he wrote.
US Energy Secretary Chris Wright likewise held talks with his British counterpart Miatta Fahnbulleh on the crisis, including on the UK's strategic reserves.
British dairy farmer Keith Blackshaw, in the Derbyshire hamlet of Newhaven, complained of a "vicious circle" with high fuel pieces being passed onto customers.
"I'd like to see Mr Trump support us a little bit more really," the 69-year-old said. "He looks after his own. Maybe we should do the same, look after our own."
The 32 members of the IEA agreed last March to unlock 400 million barrels of oil from reserves, their largest release ever.