Europe to Release 'Massive Amount' of Diesel Oil Amid Record Price Hike
US President Donald Trump announced on Truth Social that Europe will release up to 100 million barrels of diesel oil within the next four months, as part of an agreement between French President Emmanuel Macron and other G7 leaders.
The decision comes after a meeting chaired by Macron, where they discussed the global energy situation. The fuel will be released in coordination with the International Energy Agency (IEA), and none of the countries involved will restrict the exchange of energy and petroleum products between partner countries.
Europe has become increasingly dependent on US fuel since banning Russian imports following the invasion of Ukraine in February 2022, and the seven-month-old US war with Iran has also tightened the availability of supplies. As a result, diesel prices have surged to record highs, nearing $8 per gallon in Europe.
The announcement coincides with falling gas prices, which dropped from their early September highs. The national average price of regular fuel stood at $4.40 as of Friday morning, down more than nine cents from last week, according to AAA.