G7 leaders agree to release up to 100 million barrels of diesel and crude oil
- The Group of Seven nations will coordinate the release of 100 million barrels of oil and diesel through the International Energy Agency, beginning immediately with substantial diesel supplies expected within the first 20 days.
- President Donald Trump claimed Friday that Europe agreed to release a "massive amount" of diesel, though no European parties confirmed the assertion; the European Union "fully rejects" threats used to force compliance.
- The U.S. national diesel average hit $6.37 per gallon Friday after reaching a record $6.52 on September 22, with prices driven by market disruptions from the eight-month war.
- French President Emmanuel Macron chaired a G-7 videoconference to organize the four-month release; however, experts note that releasing crude reserves does not immediately translate into increased diesel supplies without refinery processing.
- Midterm election pressure mounts for Republicans as voters blame the administration for high prices, and this reserve release could provide relief ahead of winter when demand for refined fuel products typically increases.
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G7 Countries to Release Up to 100 Million Barrels of Emergency Oil, Diesel Stocks
The Group of Seven nations will release up to 100 million barrels of emergency oil and diesel stocks over the next four months to help ease surging fuel costs, French President Emmanuel Macron...
My Mother Lode
Orlando SentinelTrump: Europe agrees to release diesel reserves ‘immediately’ as fuel prices hover near record highs
WASHINGTON (AP) — President Donald Trump said Friday that Europe has agreed to release some of its diesel reserves “immediately,” as the president and his Republican Party face pressure to address surging prices ahead of November’s midterm elections. Trump announced the action Friday on social media without offering details on which countries were releasing reserves...
As a result of the Iran war, diesel prices in the US are rising to new heights. France's President Macron is now announcing an agreement.
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