Europe to release reserve oil and diesel after threats from Trump
The Group of Seven industrial nations said Friday that they plan to release 100 million barrels of oil and fuel products in the coming weeks.
The Group of Seven industrial nations, led by France, announced on Friday their plan to release 100 million barrels of oil and fuel products to combat rising fuel prices. U.S. President Donald Trump vowed to release diesel "immediately," while the G7 statement promised a "frontloaded substantial release" of diesel within 20 days.
The fuel prices have surged due to the Iran war and trade disputes, driving up U.S. diesel prices to a record $6.52 per gallon on September 22. A gallon of diesel in the U.S. averaged $6.37 on Friday, according to the American Automobile Association. The International Energy Agency will coordinate the release of the oil and fuel products.
The G7 reaffirmed its commitment to refrain from export restrictions on energy and energy products among its members. Trump discussed the issue with French President Emmanuel Macron, and he has been campaigning for his party ahead of the midterm elections on November 3.
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