G7 Agrees to Release 100 Million Barrels of Oil Amid Record-High Prices
The Group of Seven wealthy democracies has announced plans to release 100 million barrels of oil and fuel products, starting with 'substantial' amounts of diesel after record-high prices in the United States.
President Donald Trump said the diesel release would 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.
The move aims to address surging prices ahead of the November midterm elections, as Trump's approval ratings on the economy hit a new low. Gas prices in the U.S. have soared during the eight-month-long war, with the national average for a gallon of diesel at $6.37 on Friday.
The release follows a March announcement that International Energy Agency member countries would release 426 million barrels of oil and products to stabilize the oil market.