G7 Nations Release 100 Million Barrels of Oil Amid Soaring Diesel Prices

The Group of Seven wealthy democracies has announced plans to release 100 million barrels of oil and fuel products in the coming weeks, starting with 'substantial' amounts of diesel.

According to President Donald Trump, the diesel release will happen immediately. This decision follows a March announcement that International Energy Agency member countries would release 426 million barrels of oil and products to stabilize the oil market.

The national average for a gallon of diesel in the U.S. was $6.37 on Friday, after hitting a record $6.52 on September 22. Experts predict that the release could lower prices by 25-50 cents per gallon within a few weeks.