Trump Says Europe Agrees to Release Diesel Reserves 'Immediately' as Fuel Prices Hover Near Record Highs
The coordinated release includes substantial diesel and begins immediately as fuel prices hit record highs, with the International Energy Agency managing the effort.
- On Friday, Group of Seven nations agreed to release 100 million barrels of oil and refined fuel through the International Energy Agency over four months to combat soaring diesel prices following pressure from President Donald Trump.
- Amid rising fuel costs, Trump pushed for the release as U.S. diesel prices hit a record $6.52 per gallon on Sept. 22, complicating the economic outlook ahead of November's midterm elections.
- Unlike the U.S. Strategic Petroleum Reserve, which consists of crude oil, European emergency inventories include refined diesel that supply markets directly, White House National Economic Council Director Kevin Hassett explained.
- Member nations will implement a front-loaded release of "substantial" diesel within the first 20 days while coordinating refinery maintenance schedules to prevent simultaneous capacity shutdowns and stabilize immediate energy supplies.
- French President Emmanuel Macron chaired the G7 videoconference Friday, where leaders committed to "decisive, coordinated measures" intended to stabilize energy supplies and strengthen global energy systems' long-term resilience.
31 Articles
31 Articles
After Trump's threats to the EU, the G7 Group announced that it will co-ordinate 100 million barrels of oil and gas through the International Energy Agency (IEA) to try to stabilize world energy markets
Trump secures huge oil and fuel release from G7 allies – The Horn...
The Group of Seven wealthy democracies said Friday that they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with “substantial” amounts of diesel after the fuel recently hit record high prices in the United States. President Donald Trump said the diesel release... Read More The post Trump secures huge oil and fuel release from G7 allies appeared first on The Horn News - Proudly American, Fiercely Indep…
BT
Kristeligt Dagblad100 million barrels of oil can help prices in Denmark, but will not solve the supply crisis, according to an analyst.
This is expected to lead to a decrease in fuel prices.
Kevin Hassett says diesel reserve release could have ‘massive positive effect’ as G7 reaches deal
European diesel reserves could help ease fuel prices, according to Kevin Hassett, as G7 countries move forward with a coordinated emergency release following pressure from the Trump administration
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