The U.S. releases its final batch of strategic petroleum reserves—up to 40 million barrels—and urges Europe to follow suit.

Soaring fuel prices are pressuring the Trump administration just under two months before the midterm elections, prompting Washington to once again deploy its strategic reserve card. The U.S. Department of Energy announced it will release up to 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). This marks the final tranche of the 172 million barrels collectively released by the U.S. under coordination with the International Energy Agency (IEA) since the outbreak of the Iran war. Meanwhile, Energy Secretary Chris Wright publicly criticized several European countries, accusing them of falling far short of their pledged release volumes and urging all IEA member states to honor their commitments. The immediate impetus for this release is the sharp surge in energy prices—gasoline remains above $4 per gallon, while diesel has breached a historic high of over $6 per gallon. With the November midterms set to determine control of the House of Representatives, persistently high fuel costs are mounting increasingly visible political pressure on the Trump administration. On Tuesday, WTI crude futures fell by 3.95%. Europe’s poor compliance triggers U.S. public pressure In his statement, Chris Wright adopted unusually strong language, directly naming European allies for lagging behind the U.S. and Japan in this coordinated release effort. He stated: "Several European member countries have actually released only a small fraction of the crude oil and petroleum products they pledged. We urge every member country to fulfill its commitment." This coordinated release is led by the IEA, with participation from the U.S., Japan, and other member countries. The U.S.’s public pressure reflects growing internal tensions within the alliance’s coordination mechanism amid tightening supply conditions.

The Houthis have kept the U.S. and Europe busy: Countries scramble for countermeasures, while Ukrainian oil prices soar unexpectedly.

The Houthis have escalated hostilities and largely rejected third-party mediation, demanding that Saudi Arabia lift sanctions against them and cease interference in Yemen’s internal affairs. Given these conditions—which Riyadh finds unacceptable—and the Houthis’ unwavering stance (akin to a turtle swallowing a scale), what options remain? Only oil prices respond most concretely. (Houthi forces undergo large-scale equipment upgrades) On September 22, Brent crude opened at $96.26 per barrel and peaked intraday at $97.37—down from $105 on September 17, but these are futures prices; actual physical supply remains highly uncertain. At minimum, oil exports from the Red Sea and Persian Gulf face serious logistical hurdles. Thus, some European media report that Russian oil—whose exports remain unaffected—is now trading at prices significantly higher than Brent. According to Russian media on September 16, Urals crude at Russian ports reached $110 per barrel. Some still cling to the Western-imposed $60-per-barrel price cap on Russian oil—a situation as absurd as setting a price ceiling on someone else’s rice while your own pot is empty. Although EU sanctions are very real, the even more pressing reality is energy shortages—forcing Europe, despite its rhetoric, to turn to Russian oil, widely perceived as threatening European energy security. Yet access isn’t guaranteed: Ukraine’s prolonged strikes on Russian energy infrastructure have disrupted exports, making availability a matter of who can secure supplies first. (These two feel especially confident) Prices have dipped slightly recently, but retail-level prices are already at record highs. Western media specifically highlight record-breaking diesel prices in both France and the U.S. On September 20, France’s average diesel price hit €2.406 per liter—approximately $10.45 per gallon—while the U.S. average surged to $6.505 per gallon, compared to just $3.70 per gallon a year earlier. Consider this comparison: France, a major energy importer reliant heavily on Russian and African oil, faces such steep prices—how could other EU members possibly escape similar pressures? And the U.S., touted as the world’s largest oil producer—and even, for a time, the top oil exporter—also suffers sky-high prices. Isn’t that surprising?

EU wants coordinated approach with US on lowering diesel prices, Sefcovic says

16 hours ago

EU Trade Chief Maros Sefcovic urged a coordinated approach with the US to lower diesel prices amid supply concerns, warning that export restrictions could harm Europe's economy while discussing strategic reserve releases.

reuters

2026-10-01

EU wants coordinated approach with US on lowering diesel prices, Sefcovic says

EU wants coordinated approach with US on lowering diesel prices, Sefcovic says

FAQ