Commodities
G7 Nations Release 100M Barrels of Oil Amid Soaring Diesel Prices
The Group of Seven (G7) wealthy democracies announced plans to release 100 million barrels of oil and fuel products in the coming weeks, starting with a 'substantial' amount of diesel.
Prices for diesel have hit record highs in both the US and Europe, reaching $6.37 per gallon in the US on Friday, according to AAA.
The release is meant to stabilize the oil market and bring down prices, but some experts warn that it could be a short-term fix with long-term consequences.