The White House is preparing an executive order to tackle record US diesel prices that could be unveiled as early as next week, people familiar with the process said. Officials have discussed suspending fuel taxes and easing restrictions on sales of red dyed diesel, normally reserved for off-road use, as alternatives to an export ban.

French President Emmanuel Macron will chair a G7 leaders’ video call Friday at 2:30 p.m. Paris time to discuss releasing strategic diesel reserves. France has proposed releasing 50 million barrels of diesel from European stocks and 50 million barrels of crude across International Energy Agency members. European governments discussed requiring a US commitment against a unilateral diesel export ban as part of any agreement, a source familiar with the talks said.

Washington has requested 120 million barrels of European diesel over six months and warned France and Germany of a possible US export ban if they do not release stocks, Reuters reported. The pace of any release would determine its effect: distributing France’s proposed diesel volume over 100 days would add about 500,000 BPD, temporarily covering one-third to one-half of this year’s net losses in seaborne supply, oil analyst Rory Johnston said.