G-7 Agrees to Release Up to 100 Million Barrels of Diesel and Crude Oil

The Group of Seven countries have agreed to release up to 100 million barrels of diesel and crude oil reserves, an effort to ease soaring gas prices. This decision comes after a weeklong pressure campaign by the Trump administration on its European allies.

Following a G7 videoconference hosted by French President Emmanuel Macron, President Donald Trump announced that 'Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.'

The average price of U.S. diesel has surged 70% since late February, reaching $6.37 per gallon.

The G7 countries stated that the process will begin immediately, with a substantial diesel release within the first 20 days. This release could help smooth over recent supply disruptions, according to oil analyst Andy Lipow.