G7 Agrees to Release 100 Million Barrels of Oil Amid Soaring Fuel Prices
The G7 has agreed to release 100 million barrels of oil and fuel products in an effort to tame soaring fuel prices. This decision comes after the national average price for a gallon of diesel in the US reached $6.37, down slightly from the record-setting $6.52 price on September 22.
US President Donald Trump announced the action on social media, and the G7 later issued a joint statement promising a 'front-loaded substantial release' of diesel within the next 20 days. Canada will co-operate with the G7 by co-ordinating maintenance schedules for oil refineries to prevent too many from going off-line at the same time.
Canada's diesel refineries are operating near capacity already, according to a spokesperson for Energy Minister Tim Hodgson's office. The US launched its war in Iran eight months ago, which has affected global oil supplies and led to higher fuel prices.