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

The G7 nations have announced a plan to release 100 million barrels of oil and diesel fuel in response to soaring prices.

President Donald Trump said the diesel release would happen 'immediately,' echoing a G7 promise to start with a 'substantial' amount of diesel within the next 20 days, followed by the rest over four months.

The move comes as gas prices in the U.S. and abroad have reached record highs during an eight-month-long war, which Trump has repeatedly said is worth it for preventing Iran from obtaining nuclear weapons.

According to Michael Lynch, a distinguished fellow at Energy Policy Research Foundation, the release of diesel in Europe could mean less exports of diesel from the U.S., potentially lowering prices by 25-50 cents per gallon after a few weeks.