G7 Agrees to Release 100M Barrels of Fuel Amid High Prices

The Group of Seven (G7) countries have agreed to release 100 million barrels of fuel over the next four months in an effort to alleviate high prices.

This decision comes after significant pressure from the U.S. government, with President Trump touting the announcement on social media and stating that Europe has 'just agreed' to release a 'massive amount' of diesel oil.

The G7 countries, which include Canada, France, Germany, Italy, Japan, the U.K., and the U.S., will release fuel including diesel from their stockpiles. They will also coordinate maintenance schedules of their refineries to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible.

The news comes as high diesel prices have hurt U.S. farmers in particular and have shaken up U.S. politics ahead of the midterm elections. Some rural-area Republicans have called for a ban on U.S. diesel exports across the board, with diesel currently averaging $6.37 per gallon according to AAA.