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 U.S.
President Donald Trump says the diesel release will happen “immediately,” echoing a G7 promise to start “immediately” with a “frontloaded substantial release” of diesel within the next 20 days and the rest over four months.
Trump and his Republican Party face pressure to address surging prices ahead of the Nov. 3 midterm elections, and he announced the action Friday on social media. The president’s approval ratings on the economy have dipped to a new low, according to an AP-NORC poll, as the Iran war and his trade battles have increased U.S. prices for oil and other goods.
Gas prices in the U.S. and abroad have soared during the eight-month-long war, a cost Trump has repeatedly said is worth it for making sure Iran does not obtain nuclear weapons. The national average for a gallon of diesel in the U.S. was $6.37 on Friday, according to AAA, after hitting a record $6.52 on Sept. 22. Diesel prices have hit records in Europe, too.
France holds the rotating presidency of the G7 group and made the announcement in a statement released after videoconference talks that French President Emmanuel Macron presided over. The G7 comprises Canada, France, Germany, Italy, Japan, the U.K. and the U.S., plus EU representation.
The release comes months after a March announcement that International Energy Agency member countries would release 426 million barrels of oil and products to stabilize the oil market. The EU committed about 92 million barrels, a promise weighted toward refined products made from crude such as diesel.
